Ripple vs SEC: Judge Amy Berman Jackson Upholds Ripple XRP Ruling in Binance vs. SEC Case
The post Ripple vs SEC: Judge Amy Berman Jackson Upholds Ripple XRP Ruling in Binance vs. SEC Case appeared first on Coinpedia Fintech News
In a win for crypto, Judge Amy Berman Jackson has upheld Judge Torres’ landmark decision regarding Ripple’s XRP. A moment everyone was waiting for. The recent ruling in the Binance vs. SEC lawsuit supports Judge Torres’ doctrine that XRP itself is not a security and that programmatic and secondary sales of XRP do not meet the criteria for investment contracts under the Howey Test.
In a positive change, District Judge Amy Berman Jackson praised Judge Torres’ decision from the Ripple case, specifically regarding the non-securities status of XRP’s programmatic and secondary sales. This agreement is a major victory for Ripple and the broader crypto sector.
Impact on Ongoing Cases
Judge Jackson’s decision sets a precedent for high-profile U.S. crypto litigation including Coinbase, Kraken, and Consensys. The verdict supports the claim that secondary sales of cryptocurrencies like Binance’s BNB are not securities, which could affect these cases.
The Judge also agrees with the Second Circuit Court’s ruling that crypto asset secondary transactions are not securities. This precedent helps crypto businesses fight SEC regulation.
Legal Insight
Pro-XRP lawyer Bill Morgan has praised the ruling as a positive development for XRP holders and the crypto community. The decision also clarifies that the SEC’s potential appeal against Judge Torres’ summary judgment could lead to further escalation to the Second Circuit Court.
Morgan explains that in the SEC vs. Binance case, Judge Amy Berman Jackson rejected the SEC’s argument that a crypto token itself is always an investment contract. She found the Ripple and Telegram cases’ views on this issue to be “clarifying and persuasive.” He emphasizes that Judge Torres’ decision on XRP not being a security is now seen as a legal example in court.
Eleanor Terrett says that Coinbase, Kraken, and ConsenSys will use the recent Binance ruling to strengthen their legal cases, and the SEC can no longer claim that the Ripple ruling was an isolated decision.
XRP Price Snapshot
XRP has risen since Judge Jackson’s judgment. XRP gained more than 1% from a 24-hour low of $0.470 to $0.475 and aims to recapture $0.50. However, the trading volume dropped 3% yesterday, with derivatives traders buying heavily. Coinglass shows XRP futures open interest rose 0.62% due to large buying on OKX and BitMEX.
It’s Not Over Yet…
Although Ripple has scored legal victories, the SEC might still win on whether XRP is a security. The SEC could appeal if the ruling favors Ripple, and a new administration or SEC Chair might shift the regulatory stance on XRP. Moreover, after receiving the latest briefs, lawyers like Fred Rispoli expect Judge Torres to rule on remedies and injunctions within 60–90 days. This timeline may avoid expert witness rulings.
Read Also: Ripple Explores New Horizons with RLUSD Stablecoin and Potential XRP ETF
Related Posts
