Judge Amy Berman Jackson Upholds Landmark Decision on Ripple’s XRP: Impact on Ongoing Cases and Legal Insight
In a groundbreaking win for the crypto community, Judge Amy Berman Jackson has upheld Judge Torres’ landmark decision regarding Ripple’s XRP, declaring that it is not a security. This momentous ruling has sent shockwaves through the industry, with implications for ongoing cases and future regulatory decisions.
The recent ruling in the Binance vs. SEC lawsuit has further solidified the stance that XRP itself is not a security and that programmatic and secondary sales of XRP do not meet the criteria for investment contracts under the Howey Test. District Judge Amy Berman Jackson praised Judge Torres’ decision, calling it a major victory for Ripple and the broader crypto sector.
This decision sets a precedent for high-profile U.S. crypto litigation involving companies like Coinbase, Kraken, and Consensys. The verdict supports the claim that secondary sales of cryptocurrencies are not securities, potentially impacting these cases and others in the future.
Pro-XRP lawyer Bill Morgan has lauded the ruling as a positive development for XRP holders and the crypto community. The decision clarifies that the SEC’s potential appeal against Judge Torres’ summary judgment could lead to further escalation to the Second Circuit Court.
XRP’s price has seen a slight increase following Judge Jackson’s judgment, with the cryptocurrency aiming to recapture $0.50. However, the trading volume has dropped, indicating a cautious market sentiment.
Despite these legal victories, the SEC could still prevail in the ongoing battle over whether XRP is a security. The regulatory landscape remains uncertain, with the possibility of appeals and shifting stances under a new administration or SEC Chair. Lawyers like Fred Rispoli anticipate further rulings on remedies and injunctions in the coming months.
As Ripple explores new horizons with the RLUSD stablecoin and potential XRP ETF, the crypto community eagerly awaits the next chapter in this legal saga. The implications of Judge Jackson’s decision will reverberate throughout the industry, shaping the future of crypto regulation and innovation.
