The Securities and Exchange Commission (SEC) has removed XRP from its list of securities. The decision is a major victory for Ripple Labs, the company that created XRP, and the whole cryptocurrency community.
The SEC had sued Ripple Labs in 2020, alleging that the company had sold XRP as an unregistered security. Ripple Labs argued that XRP was not a security, but rather a currency.
In a July 28, 2023 ruling, a federal judge in the Southern District of New York partially dismissed the SEC’s lawsuit. The judge ruled that the SEC had failed to provide enough evidence to support its claim that XRP was a security.
The SEC has appealed the ruling, but the decision to remove XRP from its securities list is a major setback for the agency. It also raises questions about the SEC’s approach to regulating cryptocurrencies.
Crypto Community Celebrates
The removal of XRP from the SEC’s securities list was met with celebration by the cryptocurrency community. Many people believe that the decision is a victory for freedom and innovation.
“This is a huge win for XRP holders and the entire crypto community,” said John Deaton, an attorney who has been representing XRP holders in the SEC lawsuit. “It shows that the SEC is wrong to treat all cryptocurrencies as securities.”
Ripple Labs CEO Brad Garlinghouse also welcomed the decision. “This is a major step forward for XRP and the crypto industry,” he said. “It’s a victory for innovation and for the millions of people who use XRP.”
The Future of XRP
The removal of XRP from the SEC’s securities list is a positive development for the cryptocurrency, but it does not mean that XRP is now completely free from regulatory scrutiny. The SEC could still bring additional charges against Ripple Labs, and other regulators around the world could still take action against XRP.
However, the decision to remove XRP from the SEC’s securities list is a major step forward for the cryptocurrency. It could lead to more exchanges listing XRP, and it could encourage more businesses to adopt XRP as a payment method.
The future of XRP is still uncertain, but the removal of XRP from the SEC’s securities list is a positive development for the cryptocurrency. It is a victory for freedom and innovation, and it could lead to increased adoption of XRP by businesses and consumers.
Related Stories:
NASA Confirms Launch Date for Its Massive Moon Rocket
Ripple Scores Major Victory in SEC Case, XRP Not a Security
Ripple Wins Major Victory in SEC Case
Ripple vs XRP Legal Battle: A surprising twist that could have major implications
WhatsApp Finally Lets You Pin Important Messages: Here’s How It Works
Ripple CEO Teases Major Announcements at DC Fintech Week and Swell
SEC Sues Coinbase for Unregistered Securities Trading
XRP Price Could Fall as SEC Wins Request To Appeal
