🚀💥 Ripple scores explosive victory against the SEC! 💥🚀
On August 7, a landmark ruling was issued by Judge Analisa Torres of the Southern District Court of New York, marking a new turning point in the years-long litigation between Ripple and the US SEC. Ripple must pay a $1.25 billion fine within 30 days, well below initial expectations! This victory shook the cryptocurrency market, propelling the price of $XRP with an impressive 19.2% increase in just 24 hours.
Judge Torres acknowledged that some sales of XRP constituted offerings of securities, but also ruled that XRP itself is not a security. A major clarification that greatly benefits Ripple and fuels XRP’s bullish momentum. Ripple CEO Brad Garlinghouse praised the X-Platform ruling, saying that this 94% reduction in the fines sought by the SEC represents a major victory for Ripple, the crypto industry, and the rule of law.
Ripple's Chief Legal Officer Stuart Alderoty also expressed satisfaction, noting that the court dismissed the charges of reckless conduct and found no evidence of fraud or intentional misconduct.
However, the legal battle is not entirely over. The SEC could still appeal this decision in the next 60 days, prolonging the legal uncertainty surrounding $XRP . But for now, Ripple is enjoying a resounding victory that is boosting confidence and energizing the cryptocurrency market.
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