Today there was a long-awaited event for the entire crypto industry, as the fundamental question of whether cryptocurrencies should be considered securities may have been resolved in the United States.
The main participants in the process were the US Securities Commission and the issuing company XRP Ripple.
XRP, as a digital token, is not in itself a “contract, transaction, or scheme” that embodies Howie’s requirements for an investment contract,— Judge Torres concluded.
After this news, the XRP rate rose by 28% to $ 0.6, thanks to which an impressive green candle appeared on the daily chart. Currently, a correction towards $ 0.58 has begun.
The legal standoff, which lasted from December 2020 and was considered in the US District Court in the Southern District of New York, ended on July 13 in favor of the defendant Ripple.
The defendants’ motion for summary judgment was GRANTED in respect of software sales, other distributions, as well as sales of Larsen and Garlinghouse, and REJECTED in respect of institutional sales, the court documents state.