Christmas in July—Court in Ripple Case Delivers Split Verdict Hailed as Victory by Ripple

Three days before Christmas 2020, the SEC served Ripple Labs Inc. and two of its executives with a lawsuit. How is that for a present under the tree? As the SKrypto Blog reported at the time, the main issue was whether XRP, a token that Ripple created, was a security or an asset. Nearly three years later, Judge Analisa Torres of the Southern District of New York delivered a mixed verdict on summary judgment: direct sales by Ripple to institutional investors created an investment contract (which…
By: Seward & Kissel LLP