Today marks one year since Judge Analisa Torres\u2019 pivotal ruling that XRP<\/a> is not a security. The decision reshaped the landscape for Ripple and the broader cryptocurrency sector.<\/p>\n Reflecting on this landmark anniversary, Ripple\u2019s chief legal officer Stuart Alderoty shared his insights on the ruling\u2019s impact and broader implications for the industry: \u201cIt was a watershed moment to find as a matter of law, a token \u2013 in this case, XRP \u2013 in and of itself, is not a security,\u201d Alderoty wrote on X.<\/p>\n Some reflections as we approach the one year anniversary of Judge Torres\u2019 Summary Judgment decision in the SEC v Ripple lawsuit.<\/p>\n First and foremost \u2013 it was a watershed moment to find as a matter of law, a token \u2013 in this case, XRP \u2013 in and of itself, is not a security.<\/p>\n This\u2026 https:\/\/t.co\/0gh0EYhFZO<\/a><\/p>\n \u2014 Stuart Alderoty (@s_alderoty) July 12, 2024<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n In the post, he emphasized that the ruling had provided a critical check on the U.S. Securities and Exchange Commission\u2019s (SEC) actions, especially under its chair, Gary Gensler<\/a>.\u00a0<\/p>\n He also pointed to the recent developments with Binance as further evidence of the SEC\u2019s overreach. However, the Ripple<\/a> CLO cautioned that relying on court decisions for clarity on a token-by-token basis is unsustainable. <\/p>\n He further claimed that policymakers were increasingly frustrated with the slow legislative progress, as the U.S. risks falling behind the global crypto innovation race.<\/p>\n Ripple CEO Brad Garlinghouse echoed Alderoty\u2019s sentiments on social media, describing the events of July 13, 2023, as a significant victory for Ripple and the crypto industry.\u00a0<\/p>\n In his post, Garlinghouse reaffirmed Ripple\u2019s commitment to defending the industry against what he described as the SEC\u2019s unjust actions, underscoring the company\u2019s belief in being on the right side of the law and history.<\/p>\n We had the conviction to fight the bully that has harassed and executed an unlawful war on our industry. We knew we were on the right side of the law and that we would be on the right side of history.<\/p>\n Brad Garlinghouse, Ripple CEO<\/cite><\/p><\/blockquote>\n The Ripple CEO also criticized the SEC\u2019s continued aggressive stance against crypto, asserting that their strategy of lawsuits, false rhetoric, and intimidation had failed and would continue to fail.<\/p>\n Ripple has been embroiled in a legal battle with the SEC<\/a> for nearly four years. On Dec. 20, 2022, the regulator accused the crypto company of conducting an unregistered securities offering through the sale of XRP.<\/p>\n And despite Ripple\u2019s partial victory in 2023 declaring XRP is not a security<\/a>, the legal battle is far from over. The court is currently in what is known as a \u201cremedies phase\u201d in the case. It is here that it will determine potential penalties or injunctions against the crypto payments company.<\/p>\n Nonetheless, the anniversary of the ruling could act as a catalyst for several developments. Renewed investor interest, increased pressure for a settlement, and new clues from the court could drive the case toward a resolution.<\/p>\n In the 24 hours preceding the anniversary, the value of XRP surged 12.4%, breaking the critical $0.5 resistance level and leading the recovery of the broader altcoin market.<\/p>\n XRP\u2019s price, which had fallen to a yearly low of $0.3984 earlier this month, has gained 19% over the past week. The current price of $0.5211 is also an 8.9% uptick over the last fortnight, as shown by data from CoinGecko.<\/p>\n This price rally also coincided with the announcement<\/a> by traditional futures giants CME and CF Benchmarks of new XRP indices and reference rates, a move that Ripple CEO Garlinghouse believes<\/a> will drive institutional adoption of the cryptocurrency.<\/p>\n<\/div>\n\n
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No end in sight in SEC vs. XRP battle<\/strong><\/h2>\n
XRP price goes up 12.4%<\/strong><\/h2>\n
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