On July 13, 2023, the U.S. District Court for the Southern District of New York (SDNY) finally issued an order in the infamous case brought by the Securities and Exchange Commission (SEC) against the payment settlement system and currency exchange, Ripple Labs, Inc. (Ripple). District Judge Analisa Torres’ highly anticipated order has been touted as a landmark victory by some digital asset lawyers and other professionals in the beleaguered industry. The SEC claimed Ripple and some of its senior leaders conducted unregistered offering and sale of “crypto-asset securities” in connection with its issuance of the XRP token (XRP).
The following editorial was written by guest authors Wyatt Noble and Michael Handelsman for Kelman.Law
Ripple vs. SEC
Specifically, the SEC alleged in its complaint that Ripple sold more than 14.6 billion XRP, valued at more than $1.38 billion from 2013 through 2020, without filing a registration statement. According to the complaint these sales constituted
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