On Thursday, July 13, information circulated on Twitter that the US District Court allegedly issued a ruling that the institutional sale of Ripple XRP is not an investment contract and, therefore, the US Securities and Exchange Commission (SEC) groundlessly claims against Ripple Labs.
The crypto community and the digital asset market reacted enthusiastically to the news of a big victory for the industry and the end of a three-year legal epic. Amid rumors, the market value of XRP took off in a few hours by more than 32%, reaching a level close to $0.62.
The Reuters news agency, however, provides other data on the results of the July 13 court hearing in the SEC case against Ripple.
Citing a district court ruling, Reuters informs: Judge Analisa Torres found that Ripple Labs’ institutional sale of its XRP digital token violated federal law because it constituted an unregistered offer and sale of investment contracts. At the same time, Judge Torres made a reservation: other aspects that go beyond the recognition of Ripple Labs violations of the Securities Law can be considered by a jury.
Earlier, the largest cryptocurrency exchange Binance announced the delisting of Ripple Labs XRPUP and XRPDOWN assets.
Source: Bits
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