- The Pulse
- Posts
- Crypto Weekly 🗞️ July 13th, 2023
Crypto Weekly 🗞️ July 13th, 2023
Ripple wins case, Mashinsky arrested on fraud, Europe's first Bitcoin Spot ETF, Silk Road BTC moved
Goldkey
July 13, 2023
KEYS
Ripple wins case against SEC as judge rules XRP is not a security
Alex Mashinsky arrested and faces criminal fraud charges
Jacobi Management to soon launch Europe's first Bitcoin Spot ETF
Silk Road linked Bitcoin worth $300M moved by U.S. Government
Ripple Ruling
On July 13, Judge Analisa Torres ruled in favor of Ripple in a case brought forth by the Securities and Exchange Commission dating back to 2020.
According to documents filed on July 13, Judge Torres has granted summary judgment in favor of Ripple Labs allowing that the XRP token is not a security.
The SEC lawsuit sought to stop Ripple from offering its XRP token under the premise that XRP was a security and required additional regulation.
Per court documents:
“Defendants’ motion for summary judgment is GRANTED as to the Programmatic Sales, the Other Distributions, and Larsen’s and Garlinghouse’s sales, and DENIED as to the Institutional Sales.”
The case against Ripple has been ongoing since December 2020 when the SEC sued Ripple and its two chief executives, Brad Garlinghouse and Chris Larsen, over allegations the company was offering an unregistered security.
Over the past three years, the case has had its fair share of dramatic intrigue, including the release of the Hinman Documents and ongoing defiance in the face of the SEC’s accusations from Garlinghouse.
This ruling is groundbreaking for the crypto industry as now it is a matter of law that sales on exchanges are not a security, sales by executives are not securities, and other distributions to developers, charities, and employees are not securities.