Ripple has announced an official date to celebrate its legal victory against the SEC.
Leading blockchain company Ripple Labs has announced plans to host a celebratory victory party following its legal win against the Securities and Exchange Commission (SEC).
In a tweet yesterday, Ripple said the anticipated event will occur on September 29, 2023, in the heart of New York City. Ripple promised to provide further details about the event this week.
? Save the Date ?
We’re hosting a community celebration on September 29 in New York City!
Stay tuned for more details to come later this week. pic.twitter.com/PlaqPoQcte
— Ripple (@Ripple) August 28, 2023
In a similar development, Ripple CEO Brad Garlinghouse also took to X to announce the event.
“As promised – it’s time for that proper victory party,” he said.
Furthermore, Garlinghouse acknowledged the challenges the company faced throughout the legal battle.
“I look forward to sharing a celebratory toast on Sept 29 in NYC!” Garlinghouse added.
As promised – it’s time for that proper victory party.
The last few years have been quite the journey and I look forward to sharing a celebratory toast on Sept 29 in NYC! https://t.co/9YDQGnK6Pg
— Brad Garlinghouse (@bgarlinghouse) August 28, 2023
Ripple Wins Big Against SEC
It is worth noting that Ripple recorded a partial victory against the SEC in the multi-year legal battle. Recall that in December 2020, the SEC alleged that Ripple violated federal laws by offering and selling XRP as an unregistered security.
After an intense legal battle lasting over two years, Judge Analisa Torres finally issued the summary judgment. In her ruling, she found that Ripple sold XRP as an investment contract to institutional investors.
However, she ruled that the company’s programmatic and other distributions of XRP do not constitute securities. Additionally, the judge also ruled that XRP itself is not a security but a digital asset.
Although the SEC seeks to appeal the ruling on programmatic sales and other distributions, the blockchain company has scheduled a victory party to celebrate the summary judgment.
For Ripple, the lawsuit has always been about getting clarity for XRP, and the judge declared the coin a non-security.
Upcoming Trial
Meanwhile, the SEC v. Ripple lawsuit still has a pending issue. The court has scheduled a trial to resolve the SEC’s case against Ripple’s execs- Garlinghouse and Chris Larsen.
The securities regulator charged Garlinghouse and Larsen with aiding and abetting Ripple in distributing XRP as an unregistered security. Notably, the trial is expected to commence in Q2 2024.
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