On July 13th, Ripple Labs achieved a success in the United States district court of the southern New York district when Judge Analisa Torres decided in favor of the corporation in an action initiated by the SEC that had originated in 2020.
On July 13, Judge Torres declared that Ripple Labs is entitled to summary judgement, determining that the Ripple (XRP) token is not a security.
The Securities and Exchange Commission (SEC) initiated legal action in an effort to force Ripple to discontinue the distribution of its XRP token based on the premise that it was a security and, therefore, needed to be subject to additional supervision.
According to court documents that Cointelegraph was able to review:
This tale is still unfolding, and more details will be provided as they become available.
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