Attorney Case Court With Ripple
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FAQ
XRP rallied about 5% following the decision. A federal judge has rejected the U.S. Securities and Exchange Commission's bid to appeal its ground-shaking loss against Ripple, the crypto company associated with the XRP . XRP's price rallied about 5% on the news.
The Court's decisions represents a partial victory against the SEC for Ripple and the entire cryptocurrency industry after continuous efforts by the SEC to regulate the industry, and resistance by the industry on the basis that cryptocurrencies are distinct from securities and should be regulated ingly.
In its December 2020 lawsuit, the SEC accused Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. The SEC has long claimed that many digital assets are securities, as are stocks and bonds, and that it has power to regulate them.
Debevoise & Plimpton LLP partner Andrew Ceresney has been recognized as ?Litigator of the Week? by The American Lawyer for helping lead a landmark cryptocurrency win on behalf of Ripple Labs.
Yesterday, the U.S. Securities and Exchange Commission (SEC) dismissed its own case against Ripple Labs CEO Brad Garlinghouse and Executive Chairman Christian Larsen. This is the third recent win for Ripple, the firm closely associated with XRP, in its multi-year legal battle with the securities watchdog.