ICYMI: SEC lawsuit over whether XRP is a security will go to trial
A federal district judge declined to issue a summary judgement requested by both the Securities and Exchange Commission and Ripple in the enforcement over whether XRP is an unregistered security, sending the issue to trial.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.
At the heart of that dispute is whether the company’s native XRP token is an unregistered security, and the sale of it, which has banked the company billions, is unlawful. The agency accused Ripple in 2020 of illegally raising $1.3 billion through the sale of XRP and also sued CEO Brad Garlinghouse and co-founder Chris Larsen. XRP became the fourth-largest cryptocurrency by market capitalization, after its price shot upTorres ruled partially in favor of both sides.
"For the foregoing reasons, the SEC’s motion for summary judgment is granted as to the institutional sales, and otherwise denied," the judge ruled on Thursday."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."
"We are pleased that the court found that XRP tokens were offered and sold by Ripple as investment contracts in violation of the securities laws in certain circumstances," the SEC said in a statement provided to The Block, touting that the court agreed with the agency on application of the Howey test to crypto transactions while characterizing Ripple's own securities test as"made-up".
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Ripple’s XRP Token Surges 28% After Court Rules XRP Sales Aren’t Investment ContractsRipple’s XRP token surges 28% after the District Court for the Southern District of New York rules XRP sales aren’t investment contracts. reporting
Leer más »
Sale of XRP on Exchanges Not Investment Contracts, Court Rules in SEC Case Against RippleBREAKING: A New York court has judged Ripple's sale of XRP on exchanges did not constitute investment contracts in order partially granting a motion for summary judgment in SECGov case. iamsandali reports
Leer más »
XRP Surges After Ripple's Partial Win Against SEC | CoinMarketCapProgrammatic sales of XRP did not violate the federal securities laws.
Leer más »
Coinbase, Other Crypto Exchanges Relist XRP Following Ruling in SEC v Ripple Case – Exchanges Bitcoin NewsCoinbase and several other crypto exchanges have relisted $XRP following a landmark ruling in the SEC v. Ripple case.
Leer más »
Ripple's XRP token surges 28% as court issues ruling, sends case to trialXRP token rose precipitously, rising more than 25%.
Leer más »
Ripple’s XRP token was a security sometimes, a judge rulesA court ruling finds that institutional sales by Ripple were, in fact, unregistered securities. But sales by algorithms and through exchanges weren’t.
Leer más »