The S.E.C. sued Ripple in December 2020, accusing the firm of violating securities laws in one of the first major legal fights involving cryptocurrencies. In the 34-page ruling on Thursday, Judge Analisa Torres of the U.S. District Court for the Southern District of New York said that Ripple did not break the law when the cryptocurrency it created, XRP, was sold on public exchanges.
The ruling was not a complete victory for the industry. Judge Torres also found that Ripple had violated securities law when it sold XRP to institutional investors, like sophisticated hedge funds.
Source: Judge’s Ruling on Ripple’s XRP Token Gives Crypto Industry a Victory – The New York Times
