Ripple Wins Against SEC... XRP Surges 26% đ
So, big news from the courtroom! In August 2024, a US court made a call on the whole Ripple Labs vs. SEC showdown.
The verdict? Ripple only has to pay 6% of what the SEC was asking for in fines. That's like being asked to cough up 20 billion bucks and only having to hand over 120 millionâpretty sweet deal, right?
Hereâs the scoop: The SEC was all, "Hey, Ripple, you're selling illegal securities and didnât do the proper legwork for raising cash from investors." They wanted a whopping 2 billion dollars! But the court was like, "Nope, Ripple's not a security." So, they got slapped with a much smaller fine instead.
The ruling reconfirms that Judge Torres's decision in July last year, which found that Ripple's sales to institutional investors violated securities laws, but that its sales to retail investors did not.
Ripple's big wigs must be partying because this is basically a win for them. The price of XRP even jumped 26% to 64 cents after the news hit.
Brad Garlinghouse, the CEO of Ripple, was all pumped, saying this verdict gives them confidence that Rippleâs got some serious growth ahead.
This ruling isnât just good news for Ripple; it's a thumbs-up for other cryptos too. Investors are buzzing, thinking this could make it tougher for the SEC to label coins as securities in the future.
