Ripple Celebrates First Anniversary of Victory in Big Court: SEC Vs XRP

Bittime - Ripple celebrates the first anniversary of its Big Court victory. Exactly a year ago, the crypto world was shocked by a court decision stating that Ripple's XRP was not a security when sold to individual investors. 

This ruling is considered a bright spot in the cloud of crypto industry regulations that are still gray. Now, one year has passed, and Ripple is celebrating this historic moment. This partial victory is an important milestone, not only for the company, but also for the entire crypto ecosystem.

Ripple Victory

In July 2023, District Judge Analisa Torres of the Southern District Court of New York ruled that sales of XRP directly to the public and distributions to Ripple employees cannot be categorized as sales of unregistered securities.

It should be remembered, the legal battle between Ripple and the United States Securities and Exchange Commission (SEC) has been ongoing since late 2020. 

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At that time, the SEC sued Ripple, CEO Brad Garlinghouse, and Executive Chairman Christian Larsen with a lawsuit worth $1.3 billion (around Rp. 20.93 billion). These financial regulators accused them of selling unauthorized securities in the form of XRP.

Ripple maintains that XRP is an asset, not a security. And after a long battle in the courtroom, Judge Torres partially won the argument of this fintech company from San Francisco.

Ripple's Victory Has a Positive Impact on the Crypto Market

This decision was greeted with euphoria by many parties because it was considered a major step towards regulatory clarity in the crypto industry. Many hope that this decision will set a precedent for similar cases in the future.

Stuart Alderoty, Ripple's chief legal officer, expressed gratitude for the decision. He sees this ruling as a breath of fresh air for other lawsuits, including the SEC's lawsuit against Binance, the world's largest crypto exchange. 

Alderoty believes that this decision shows the SEC's excessive actions under the leadership of Gary Gensler which deviated from legal principles.

SEC Not Giving Up

On the other hand, Ripple CEO Brad Garlinghouse called July 13 2023 a very good day for Ripple and the entire industry. He emphasized that his company was on the right side and was confident that it would go down in history.

However, Garlinghouse also did not hesitate to criticize the SEC's efforts to limit the crypto industry through lawsuits, misleading rhetoric, slander and intimidation. He assessed that the regulator's actions were wrong from the start and remain wrong to this day.

For your information, the SEC is still demanding that Ripple pay compensation of $2 billion (around Rp. 32.2 billion) including interest and fines. However, Ripple disputes this figure and claims the maximum fine should only be $10 million (around IDR 161 billion).

How to Buy Ripple (XRP) on Bittime

You can buy and sell Ripple (XRP) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Ripple (XRP) available on Bittime with market pair XRP/IDR. To be able to buy XRP IDR Of Bittime Make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Study A complete guide on how to buy Ripple (XRP) at Bittime. 

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