In the latest round of its legal battle with the U.S. Securities and Exchange Commission (SEC), US blockchain company Ripple got a positive verdict from a U.S. District Court Judge in Manhattan, who decided against the SEC’s efforts to withhold information from the fintech.
Ripple’s attorney, James K. Filan, released a document indicating that Judge Analisa Torres had rejected the agency’s arguments and ordered it to grant Ripple’s motion.
The U.S. Securities and Exchange Commission (SEC) is bringing this lawsuit against Ripple on the grounds that its token, Ripple (XRP), should be classified as a security and that the selling of XRP to investors constitutes a violation of these laws.
In his address on June 15, 2018, Hinman said, among other things, that ethereum was not a security since it had become ‘sufficiently decentralized,’ as observed by the crypto legal analysis website Crypto-Law.us.
Earlier this month, both parties requested a speedy ruling, giving XRP investors confidence that Ripple’s legal issues may be resolved reasonably quickly, hence possibly increasing the price of its native coin. Consequently, Ripple filed a petition requesting dismissal of the lawsuit before trial in federal court.
According to statistics from CoinMarketCap.com, the market has responded positively to the recent statement, with XRP’s price jumping to about $0.49 as of 8:30 a.m. UTC, a rise of 11.21 percent over the last 24 hours.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.