Torres Ruling Clarifies XRP Status but Leaves Ripple's Activities in Question
A report detailing Judge Torres' mixed ruling in the SEC v. Ripple Labs case and attorney Bill Morgan's analysis on the ongoing regulatory uncertainty surrounding Ripple's use of XRP....
- On July 13, 2023, District Judge Analisa Torres issued a complex ruling in the SEC vs Ripple Labs lawsuit.
- The court granted the SEC's motion for summary judgment on Institutional Sales but denied it for other matters.
- Ripple's motion for summary judgment was granted for Programmatic Sales, Other Distributions, and sales by Larsen and Garlinghouse, but denied concerning Institutional Sales.
- The SEC's motion for summary judgment on the aiding and abetting claims against Larsen and Garlinghouse was denied.
- Judge Torres stated that Larsen's and Garlinghouse's XRP sales did not meet the criteria to be considered investment contracts under the Howey Test.
- XRP was not classified as a security, but the regulatory status of Ripple's use or sales of XRP remained uncertain due to the SEC's intent to appeal.
- Ripple's Liquidity Hub currently features more liquid cryptocurrencies like Bitcoin, Ether, USDC, and USDT.
- Ripple is more focused on its shareholders and customers than XRP holders, as stated by attorney Bill Morgan.
The sentiment of the article is mostly neutral, with some positive sentiment towards Ripple's success in the lawsuit and its focus on shareholders and customers.