Ripple CEO Rejoices Landmark Court Ruling, New Development For XRP
Ripple Labs, the company behind the cryptocurrency XRP, received a major boost as Chief Executive Officer Brad Garlinghouse announced that a federal court ruling declared XRP “is not a security.” The decision provides Ripple with increased flexibility to explore various business opportunities and promote a wide range of use cases for its technology. Speaking with , Garlinghouse expressed relief that he no longer has to worry about the regulatory implications of promoting Ripple and its services. He highlighted that 95% of Ripple‘s customers are located outside the United States, underscoring the significance of this ruling for the company’s global operations. The court ruling, delivered by US District Judge Analisa Torres in New York, classified XRP as a security when sold to institutional investors but not when sold to the general public. This decision was seen as a victory for the crypto industry, as it challenged the US Securities and Exchange Commissions (SEC) claim that XRP was an unregistered security. The SEC filed a lawsuit against Ripple in late 2020, accusing the company and its executives of misleading investors through the sale of unregistered securities. Judge Torres ruling distinguished between sales to institutional investors, which met the criteria for an investment contract under federal