Ripple Vs SEC: Ripple Emerges Victorious as XRP is Ruled Not a Security
The much-anticipated summary ruling on the Ripple Vs SEC came out with Ripple emerging victorious as Judge Analisa Torres ruled that XRP is not a security. This ruling has drawn significant attention to the ongoing lawsuit between Coinbase and the SEC. In June, the SEC filed a lawsuit against Coinbase and Binance, alleging that they permitted the trading of unregistered securities and should have registered themselves with the regulatory agency.
Key Points:
- The judge ruled that XRP is not a security.
- The ongoing lawsuit between Coinbase and the SEC has gained attention.
- Judge Katherine Polka Faila presided over the first hearing of the Coinbase Vs SEC lawsuit.
- The judge expressed skepticism towards the SEC’s messaging.
- A quick ruling on motions may not be expected due to the judge’s busy docket.
In a recent series of tweets, Metaman, a lawyer and cryptocurrency influencer, shared updates and insights on the first hearing of the lawsuits. According to Metaman, both sides’ lawyers appeared before Judge Katherine Polka Faila, of the U.S. District Court for the Southern District of New York presiding over the case. He further stated that reports from the court proceedings of the Coinbase Vs SEC lawsuit suggest a favorable outcome for Coinbase.
Hot Take:
The ruling in the Ripple Vs SEC case is a significant development for the crypto industry, as it provides clarity on the regulatory status of XRP. This could have implications for other cryptocurrencies and their classification as securities. The outcome of the Coinbase Vs SEC lawsuit will be closely watched, as it could further shape the regulatory landscape for cryptocurrency exchanges. Overall, these legal battles highlight the ongoing struggle between regulators and the crypto industry to find common ground.
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