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Top Ripple executives join the broader XRP community to celebrate the first anniversary of Judge Analisa Torres’ summary judgment decision in the SEC lawsuit.
Significance of July 13
July 13 is a special day within the XRP community. On July 13, 2023, Ripple secured a partial legal victory against the U.S. Securities and Exchange Commission (SEC).
The ruling judge, Analisa Torres, declared that XRP is not, in and of itself, a security. She also ruled that certain XRP-related transactions the SEC alleged to be securities were not. This includes programmatic sales of XRP on secondary markets and other distributions of the coin.
Nonetheless, the court held that Ripple’s institutional sales of XRP violated Section 5 of the Securities Act. Although this portion of the ruling is being litigated in the remedies phase of the lawsuit, Ripple still considers Judge Torres’ summary judgment decision to be a complete victory for XRP.
Ripple CEO Celebrates
One year after the Judge issued the summary judgment ruling, Ripple CEO Brad Garlinghouse and other XRP enthusiasts took to X to reflect on the legal victory.
In an X post yesterday, Garlinghouse characterized July 13 as a very good day for Ripple and the industry. On a personal note, he views this day as a core memory.
He emphasized that Ripple had the conviction to fight the SEC, which he characterized as a bully that has unfairly targeted the crypto industry. The Ripple CEO noted that from the beginning of the legal tussle, he has always known that the company was on the right side of the law and would also be on the right side of history.
Furthermore, he criticized Gary Gensler’s SEC leadership for waging a war on crypto. He accused the securities agency of attempting to destroy the industry with failed lawsuits, defamation, misleading statements, and intimidation.
Despite these efforts, Garlinghouse affirmed that the SEC has always been wrong, suggesting that the regulator cannot stifle the industry.
July 13, 2023 – that day was a very good day – for Ripple and the entire industry. And for me personally, a core memory!
We had the conviction to fight the bully that has harassed and executed an unlawful war on our industry. As I said when it started, I knew we were on the… https://t.co/m4W1eRsIf7
— Brad Garlinghouse (@bgarlinghouse) July 12, 2024
Ripple CLO Says XRP Non-Security Status Remains Unchallenged
His comment follows Ripple CLO Stuart Alderoty’s reflection about Judge Torres’ summary judgment decision. Alderoty considers the decision a watershed moment, establishing as a matter of law that a token, especially XRP, in itself cannot be a security. He indicated that the ruling has impacted other crypto-related lawsuits, including the SEC v. Binance case.
The Ripple CLO noted that while the court has checked the SEC’s behavior, the continuous token-by-token litigation is unacceptable. He suggested that the lack of legislative progress on the U.S. crypto industry has stirred bipartisan frustration among policymakers.
Alderoty asserted that the court’s determination that XRP is not a security in itself remains unchallenged, admitted by the SEC.
“Don’t be distracted by the SEC’s continued efforts to mire Ripple and the industry in the litigation trenches – that runway is running out for the SEC,” he remarked.
Some reflections as we approach the one year anniversary of Judge Torres’ Summary Judgment decision in the SEC v Ripple lawsuit.
First and foremost – it was a watershed moment to find as a matter of law, a token – in this case, XRP – in and of itself, is not a security.
This… https://t.co/0gh0EYhFZO
— Stuart Alderoty (@s_alderoty) July 12, 2024