Ripple Labs Inc, a cryptocurrency company, achieved a significant legal victory as a U.S. judge ruled that the company did not violate federal securities law by selling its XRP token on public exchanges. This landmark decision has sent the value of XRP skyrocketing, with a 75% increase seen on Thursday. Although the ruling only applies to this specific case, it is expected to have implications for other crypto firms that are currently battling the U.S. Securities and Exchange Commission (SEC) over similar jurisdictional issues. The SEC itself expressed satisfaction with part of the ruling, which held that Ripple violated securities law by selling XRP to sophisticated investors directly. The decision is subject to appeal once the final judgment is issued. Ripple CEO Brad Garlinghouse described the ruling as a “huge win” for both Ripple and the entire cryptocurrency industry in the U.S. Coinbase, the largest U.S. crypto exchange, responded by announcing that it would allow trading of XRP on its platform once again.
