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The historic decision in the Ripple case has reinvigorated the cryptocurrency market. A US judge ruled that Ripple’s sales of XRP did not constitute an investment contract. Following the announcement of the decision, Ripple CEO Brad Garlinghouse made striking statements on Twitter.
Historic Decision in the Ripple Case
The lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple has become a symbol of tension between crypto companies and financial regulators over the years. Both Ripple and the SEC have faced intense criticism during this process, and the ongoing legal battle between the financial regulator and the XRP issuer has become one of the most controversial topics in the crypto ecosystem.
Meanwhile, a development that could be considered a turning point for XRP occurred during the day. The judge in the Ripple case ruled that Ripple’s sales of XRP did not constitute an investment contract. Following the court’s decision, XRP experienced a sharp rise, surpassing $0.72 with an increase of over 50% within hours.
Statements from Ripple’s CEO
Ripple CEO Brad Garlinghouse made various statements through a series of tweets from his official Twitter account following the judge’s decision that Ripple’s sales of XRP did not constitute an investment contract. Garlinghouse described this decision as a positive development not only for Ripple but also for the entire crypto ecosystem. In his Twitter post, Ripple’s CEO stated:
“In December 2020, we said we were on the right side of the law and history. Thanks to everyone who helped us reach today’s decision – a decision for all crypto innovation in the US. More to come.”
Garlinghouse also emphasized a section of the court’s decision, stating that “this is the most important part of the decision,” and highlighted that XRP, as a digital token, does not meet the requirements of an investment contract, transaction, or plan that includes Howey requirements.
“The most important part of this decision: ‘As a digital token, XRP is not a contract, transaction, or plan that meets the Howey requirements.’ This is now a matter of law.”
In addition to the statements made by Ripple’s CEO, many well-known figures in the crypto ecosystem have made various evaluations regarding the historic decision in the Ripple case. Charles Hoskinson, the founder of Cardano (ADA), also described the court’s historic decision as a “small step for the XRP community but a giant leap for cryptocurrencies” in a tweet.
