2024

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Ripple CEO <a href="https://u.today/ripples-brad-garlinghouse-takes-aim-at-secs-approach" rel="noopener noreferrer nofollow">Brad Garlinghouse</a> has reflected on the landmark historic XRP ruling in the SEC lawsuit.
A year ago, on July 13, 2023, a landmark court decision in&nbsp;Securities &amp; Exchange Commission v. Ripple Labs Inc. definitively declared that XRP is not a security.
The Ripple CEO reminisces about this day etched forever in XRP and cryptocurrency history: "July 13, 2023 – that day was a very good day - for Ripple and the entire industry. And for me personally, a core memory," <a href="https://x.com/bgarlinghouse/status/1811873454054080836" rel="noopener noreferrer nofollow">Garlinghouse</a> wrote.
<blockquote>
 July 13, 2023 – that day was a very good day - for Ripple and the entire industry. And for me personally, a core memory!We had the conviction to fight the bully that has harassed and executed an unlawful war on our industry. As I said when it started, I knew we were on the… <a href="https://t.co/m4W1eRsIf7" rel="noopener noreferrer nofollow">https://t.co/m4W1eRsIf7</a>— Brad Garlinghouse (@bgarlinghouse) <a href="https://twitter.com/bgarlinghouse/status/1811873454054080836?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 12, 2024</a>
</blockquote>
Garlinghouse reiterated a statement he had often stated since the beginning of the lawsuit, that Ripple was on the right side of the law and history: "As I said when it started, I knew we were on the right side of the law and that we would be on the right side of history."
The Ripple CEO criticized the SEC's attempt to suppress the cryptocurrency business through "failed lawsuits, misleading rhetoric, slander, and intimidation," stating that the SEC's actions remain wrong, "They were wrong then. And they are wrong now."
<h2 id="historic-ruling-for-xrp">Historic ruling for XRP</h2>
On July 13, 2023, the Court unequivocally ruled that <a href="https://u.today/300-million-xrp-suddenly-shift-as-price-awaits-next-move" rel="noopener noreferrer nofollow">XRP</a>, in and of itself, is not a security. Shortly after the decision was issued, several cryptocurrency exchanges, like Coinbase, Kraken and Bitstamp, made XRP available for trading on their U.S. platforms, and XRP subsequently gained traction in price and volume.
The main takeaways from the Court’s ruling follows: XRP is&nbsp;not&nbsp;in and of itself a security. Ripple’s sales of XRP on exchanges, by executives and a wide range of other Ripple’s XRP distributions to developers, charities, to employees were deemed non-securities.
Certain institutional sales by Ripple were deemed investment contracts and therefore securities.
The Court ruled against Ripple on its fair notice defense for institutional sales only and left open the fair notice defense as to the other types of transactions at issue in the case, noting that the SEC's theories regarding this may contradict its enforcement in previous digital asset cases.

Ripple CEO Celebrates Historic XRP SEC Ruling One Year On

Table of Contents

U_Today

Other articles published on Jul 13, 2024

MoonBag Referral Sets New Standards for Passive Income While Thorchain and Pendle Lag Behind!

China sanctions AI defense firm Anduril amid US-Taiwan arms deal

Only 49.3% of crypto investors remain bullish post Bitcoin halving – CoinGecko Survey

Catch the MOONHOP Wave: A Whopping 4900% Growth Forecast Eclipses Notcoin & Dogecoin’s Struggles

Step-by-Step Bulk NFT Sending for New Users

Blockchain Company Partior Secures $60M in Series B Funding

Join our free newsletter for daily crypto updates!