Ripple brass recall ‘watershed’ XRP ruling one year later

Today marks one year since Judge Analisa Torres’ landmark ruling that XRP is not a security, a decision that reshaped the landscape for Ripple and the broader cryptocurrency industry.

Reflecting on this significant anniversary, Ripple’s chief legal officer Stuart Alderoty shared his thoughts on the decision’s impact on the industry and its broader implications: “From a legal perspective, finding that a token—in this case, XRP—is not a security per se was a milestone,” Alderoty wrote on X.

Some thoughts as we approach the one-year anniversary of Judge Torres’ Summary Judgment decision in SEC v Ripple.

First of all, it was a turning point when it was understood that, from a legal perspective, a token – in this case, XRP – is not a security per se.

This… https://t.co/0gh0EYhFZO

— Stuart Alderoty (@s_alderoty) July 12, 2024

The post emphasized that the decision provided a critical audit of the US Securities and Exchange Commission (SEC), especially its actions under the chairmanship of Gary Gensler.

He also noted that the recent developments regarding Binance were further evidence of SEC overreach. However, the Ripple CLO warned that relying on court rulings for clarity on every token is not sustainable.

He also claimed that policymakers are increasingly frustrated with slow regulatory progress as the U.S. risks falling behind in the global crypto innovation race.

Ripple CEO Brad Garlinghouse echoed Alderoty’s sentiments on social media, describing the events of July 13, 2023, as a significant victory for Ripple and the cryptocurrency industry.

In his post, Garlinghouse reiterated Ripple’s commitment to defending the industry against the SEC’s unfair actions and emphasized that the company believes it is on the right side of the law and history.

We had faith in fighting back against the tyrant who was waging an unlawful war on our industry and harassing us. We knew we were on the right side of the law and we would be on the right side of history.

Brad Garlinghouse, CEO of Ripple

The Ripple CEO also criticized the SEC’s aggressive stance against crypto, stating that lawsuits, false narratives, and intimidation strategies have failed and will continue to fail.

No End in Sight in the SEC-XRP War

Ripple has been locked in a legal battle with the SEC for nearly four years. On December 20, 2022, the regulator accused the crypto company of conducting an unregistered securities offering through its sale of XRP.

And despite Ripple’s partial victory in declaring XRP a non-security in 2023, the legal battle is far from over. The court is currently in what is known as the “resolution phase” of the case, where it will determine any possible penalties or injunctions against the crypto payment company.

However, the anniversary of the decision could be a catalyst for several developments: renewed investor interest, increased pressure for a deal and new leads from the court that could move the case toward a resolution.

XRP price increased by 12.4%

In the 24 hours leading up to the anniversary, XRP’s value has increased by 12.4%, breaking the critical $0.5 resistance level and leading the broader altcoin market recovery.

XRP 24-hour price chart | Source: CoinGecko

After falling to a yearly low of $0.3984 earlier this month, the XRP price has surged 19% in the past week. The current price of $0.5211 also marks an 8.9% increase in the past two weeks, according to data from CoinGecko.

This price surge also coincided with traditional futures giants CME and CF Benchmarks announcing new XRP indices and reference rates. Ripple CEO Garlinghouse believes that this move will drive institutional adoption of the cryptocurrency.