the staff of the Ridgewood blog
Ridgewood NJ, in a significant breakthrough, Ripple won a longstanding dispute with the SEC, with a US judge ruling that Ripple didn’t breach federal securities law by trading its XRP token on public platforms. However, the SEC claimed a small victory, as Ripple’s XRP sales to institutional investors were considered unregistered security sales. Ripple’s CEO deemed the ruling to be a considerable win for the broader industry. The ruling sparked a wave of green in the crypto market, with crypto prices rocketing up.
“This is a big deal. It’s been clear since this case was filed that it would have implications across the entire industry. This fundamentally undercuts the SEC’s argument that it has the authority over these underlying assets and that regulatory clarity already exists. This is certainly a call to action to Congress and will light a fire under current proposals. This is a significant thaw in the regulatory permafrost that the US has been stuck in.” says Sheila Warren, CEO of the Crypto Council for Innovation on yesterdays’ Ripple news.
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