US Federal Court issues mixed ruling in watershed SEC action on Ripple’s XRP
July 24, 2023
On July 13, 2023, the United States District Court for the Southern District of New York issued a mixed decision as to whether various sales and issuances of the XRP token (XRP) by Ripple Labs, Inc. (Ripple) and two of its executives (collectively the defendants) constituted the sale of an unregistered security in violation of Section 5 of the Securities Act of 1933 (the Securities Act), holding on cross-motions for summary judgment that some were and some were not. SEC v. Ripple Labs, Inc. et. al., No. 1:2020cv10832 - Document 103 (S.D.N.Y. 2021).