After the court ruled that XRP tokens are not securities, CEO Brad Garlinghouse issued a statement.
On Thursday, a New York court made a ruling stating that the sale of XRP tokens by Ripple on exchanges and through algorithms is not considered an investment contract. However, the court also found that the institutional sale of tokens by Ripple violates federal securities laws.
After this positive development for Ripple, the XRP token saw a significant increase of over 27% in its value.
According to Judge Torres, the sales of XRP by Ripple through programmatic means, as well as other distributions and the sales conducted by Larsen and Garlinghouse, are not considered investment contracts.
In his Twitter message following Ripple’s victory, CEO Brad Garlinghouse expressed gratitude to everyone who supported them in reaching the recent decision.
He mentioned that back in December 2020, they stated their belief in being on the lawful side and the right side of history. Garlinghouse also emphasized that this decision is not only beneficial for Ripple but also supports the advancement of cryptocurrency innovation across the United States.
He concluded the message by suggesting plans for a celebratory event.
We said in Dec 2020 that we were on the right side of the law, and will be on the right side of history. Thankful to everyone who helped us get to today’s decision – one that is for all crypto innovation in the US. More to come.
— Brad Garlinghouse (@bgarlinghouse) July 13, 2023
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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