Ripple Labs scored a victory in the United States district court in the southern New York district on July 13 as judge Analisa Torres ruled in favor of the company in a case brought forth by the SEC dating back to 2020.
According to documents filed on July 13, Judge Torres has granted summary judgment in favor of Ripple Labs allowing that the Ripple (XRP) token is not a security.
The SEC lawsuit sought to compel Ripple to stop offering its XRP token under the premise that XRP was security and, thus, required additional regulation.
Per court documents viewed by Cointelegraph:
“Defendants’ motion for summary judgment is GRANTED as to the Programmatic Sales, the Other Distributions, and Larsen’s and Garlinghouse’s sales, and DENIED as to the Institutional Sales.”
This is a developing story, and further information will be added as it becomes available.