Ripple won the lawsuit filed by the SEC in the United States District Court for the Southern District of New York on July 13, when Judge Analisa Torres ruled in favor of the company.
According to documents filed on July 13, Judge Torres ruled that the Ripple (XRP) token is not a security and granted summary judgment in favor of Ripple Labs.
The purpose of the SEC lawsuit was to force Ripple to stop offering XRP tokens on the premise that XRP is a security and therefore requires additional regulation.
According to court documents viewed by Gokhshtein Media
"Defendants' motions for summary judgment were granted with respect to programmatic sales, miscellaneous distribution, and Larsen & Garlinghouse sales, and were denied with respect to institutional sales."
The lawsuit against Ripple has continued since December 2020, when the SEC sued Ripple and its two managing directors, Brad Garlinghouse and Chris Larsen, alleging that the company provided unregistered securities. there is
Over the past three years, the case has seen a series of dramatic intrigues, including the release of the "Hinman Papers" and Garlinghouse's continued opposition to the SEC allegations.
