Sale of XRP on Exchanges Not Investment Contracts, Court Rules in SEC Case Against Ripple
Ripple's sale of XRP tokens on exchanges and through algorithms did not constitute investment contracts, but the institutional sale of the tokens did violate federal securities laws, a New York court ruled on Thursday.
The court published the conclusions in an order partially granting a motion for summary judgment in the ongoing case against the blockchain platform by the U.S. Securities and Exchange Commission. The SEC accused the firm and its executives CEO Brad Garlinghouse and co-founder Christian Larsen of failing to register XRP as security.
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