- Ripple’s victory against the SEC is a definitive ruling that XRP does not qualify as a security.
- Judge Torres’s reduction of the SEC fine demanded from $2 billion down to $125 millions.
Ripple is excited to announce its victory over the US Securities and Exchange Commission. XRP was officially classified by the SEC as a non security, a label that Ripple had contested during their litigation against them.
Ripple Institutional XRP sales are subject to SEC penalties that have been significantly reduced by the Court
As Ripple CEO Brad Garlinghouse pointed out in his latest tweetThe SEC has been reduced in penalties when institutional XRP is sold that do not comply with federal securities law.
The SEC demanded $2B. However, the Court reduced this demand to 94% after recognizing they overplayed it. The Court’s ruling is respected and gives us clarity in order to grow our business.
The industry, Ripple as well as the rule of Law have won a major victory. The SEC’s…
— Brad Garlinghouse (@bgarlinghouse) August 7, 2024
The $2 billion initial request has now been reduced to just $125 million. SEC Has overplayed their hand. He said:
“This is a victory for Ripple, the industry and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone.”
After concluding Ripple’s institutional sales of 1,278 transactions violated security regulations, Judge Torres of New York’s Southern District imposed the penalty.
Judge Torres ruled in July 2023 Ripple had violated securities laws when it sold XRP direct to institutions. Exchanges that automated the sale of XRP directly to consumers did not breach securities laws.
Recenty, the SEC did not appeal any portion of an order exempting Ripple for securities laws violations in its programmatic sales.
Judge Torres further prohibited Ripple of violating federal securities law in the future. This signals that any such violations would be met with a court’s order. Ripple will need to file a Registration Statement if they plan on selling securities in future.
Ripple’s triumphant victory is generating a huge demand for XRP. As of the writing, XRP is up. 17.88% In the last 24 hours $0.6055. His daily trading volume is up more than 2000%, reaching $5.05billion. The price of XRP quickly surpassed crucial levels like $0.50 and 0.60.
In fact, we’ve already discussed this. notedSince the partial victory in July 2023, demand for XRP is increasing. Demand for Ripple coin increased as a result of the recent court ruling.
CNF reported Ripple is collaborating with the DIFC Innovation Hub in order to accelerate blockchain technology innovation within the UAE. By linking DIFC and Ripple, this collaboration will accelerate blockchain and digital asset innovation in the UAE. next DIFC Innovation Hub: Creating new developers
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Source: www.crypto-news-flash.com