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ARTICLE · 19 JULY 2023

Both SEC And Ripple Claim Victory In Important Securities Decision

Manatt, Phelps & Phillips, LLP
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The crypto industry secured a key victory in its court battles with the Securities and Exchange Commission (SEC or Commission) on Thursday, July 13, when Judge Analisa Torres of the U.S. District Court...

United StatesFinance and Banking
Brian S. Korn
Brian S. Korn

The crypto industry secured a key victory in its court battles with the Securities and Exchange Commission (SEC or Commission) on Thursday, July 13, when Judge Analisa Torres of the U.S. District Court for the Southern District of New York said that Ripple did not break the law when the cryptocurrency it created, XRP, was sold on public exchanges.

Background

In 2012, Ripple Labs—a United States-based technology company—developed Ripple's blockchain infrastructure hoping to build on then-nascent Bitcoin technology. RippleNet, the resulting payment network, was designed to provide banks with a faster, more cost-effective and streamlined option for conducting cross-border transactions. RippleNet is a real-time gross settlement system, a currency exchange and remittance network, and the company behind the XRP ledger (XRPL), which facilitates payments through its XRP (XRP) cryptocurrency.1

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