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ARTICLE · 14 SEPTEMBER 2023

Ripple Scores Partial Win In SEC Court Fight Over XRP

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On July 13, 2023, the U.S. District Court for the Southern District of New York issued its much-anticipated ruling on cross-motions for summary judgment in U.S. Securities and Exchange Commission ("SEC") v. Ripple Labs Inc.

United StatesTechnology
Daniel Fuke
Daniel Fuke
Julie He
Julie He
Manpreet Kaur Deo
Manpreet Kaur Deo
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On July 13, 2023, the U.S. District Court for the Southern District of New York issued its much-anticipated ruling on cross-motions for summary judgment in U.S. Securities and Exchange Commission ("SEC") v. Ripple Labs Inc. ("Ripple") and its two senior leaders, Bradley Garlinghouse (Ripple's current CEO), and Christian A. Larsen (Ripple's co-founder, former CEO, and current executive chairman). At issue was Ripple's digital token "XRP" and whether it is a "security" under the Securities Act of 1933 ("Securities Act"), and if the underlying transactions conducted by Ripple involving XRP were securities transactions.

The Court found that whether or not XRP is a security depends in part on how it was distributed, drawing different conclusions based on whether XRP was distributed pursuant to Programmatic Sale, Institutional Sales or Other Distributions (as those terms are defined below). The Court concluded that Programmatic Sales of XRP did not constitute "investment

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