Ripple CEO Brad Garlinghouse celebrates as XRP secures victory against SEC, marking a significant milestone for the asset and the crypto industry.
In a momentous turn of events, Brad Garlinghouse, the CEO of Ripple, took to Twitter to express his jubilation following the recent victory XRP secured against the US Securities and Exchange Commission (SEC).
“We said in Dec 2020 that we were on the right side of the law and will be on the right side of history,” Brad proclaimed in the crypto community, thanking all those who contributed to the favorable decision, which he believed would benefit crypto innovation throughout the United States.
We said in Dec 2020 that we were on the right side of the law, and will be on the right side of history. Thankful to everyone who helped us get to today’s decision – one that is for all crypto innovation in the US. More to come.
— Brad Garlinghouse (@bgarlinghouse) July 13, 2023
The Ripple CEO hinted at future developments and playfully suggested organizing a celebratory event.
XRP Is Now A Matter of Law, Not Trial
In a follow-up post, Garlinghouse highlighted a crucial aspect of the ruling, stating that XRP, as a digital token, does not embody the requirements of an investment contract. He regarded this as a matter of law, making it clear that the question of XRP’s status as a security was no longer up for trial.
The most important part of this ruling:
“XRP, as a digital token, is not in and of itself a “contract, transaction[,] or scheme” that embodies the Howey requirements of an investment contract.”
This is a now a matter of law (not up for trial.)
— Brad Garlinghouse (@bgarlinghouse) July 13, 2023
The statements from the Ripple CEO struck a chord with the XRP community, who have stood united throughout the tumultuous journey.
One prominent community member emphasized the collective resilience displayed in the face of adversity. He noted that while others had ridiculed and attacked XRP, the community now had the satisfaction of knowing that XRP is officially recognized as not being a security.
Notably, the ruling, which has sent shockwaves through the crypto community, has provided a much-expected boost for XRP and its supporters, with the asset gaining over 30% in the last 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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