📈 Ripple wins landmark case against SEC: ⚖️
Ripple Labs has secured a significant legal victory over the SEC, with the court ruling that XRP is not a security.
Ripple has claimed a major victory in its ongoing legal battle with the US Securities and Exchange Commission (SEC).
The SEC had filed a lawsuit against Ripple in December 2020, alleging that XRP is a security rather than a commodity, and that the company had illegally raised $1.8 billion by selling the token.
However, Judge Sarah Netburn recently ruled in favor of Ripple, stating that the SEC cannot have it both ways regarding a 2018 lecture by William Hinman, then-director at the SEC. Hinman had said that Bitcoin and Ethereum are not securities, and the SEC had initially claimed his comments were personal opinions. But when it suited their case against Ripple, they argued that Hinman's speech reflected the agency's official principles.
This ruling is significant, as it could impact the outcome of the case and have broader implications for the cryptocurrency industry. A win for Ripple could potentially limit the SEC's ability to regulate cryptocurrencies, while a loss could lead to increased regulatory scrutiny.
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