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Court ruling confirms Ripple “does not own the XRP ledger”
Author: LELE JIMA, The Crypto; Compiler: Songxue, Golden Finance
It’s no longer news that a New York federal court recently denied the SEC’s motion to grant an interlocutory appeal in the Ripple lawsuit.
Interestingly, the decision not only denied the SEC’s request to immediately appeal the case, it also provided clarity for the XRP Ledger (XRPL) and its native cryptocurrency, XRP.
As previously reported, attorney John Deaton emphasized the importance of Judge Analisa Torres’ ruling and stated that XRP is now the only altcoin in the United States with legal clarity.
Ripple does not own XRPL
Interestingly, well-known XRP enthusiast “24HRSCrypto” shared an excerpt of the ruling, in which the judge emphasized that Ripple does not own the XRP Ledger (XRPL). The user said the court's comments were clear.
According to the ruling, the SEC failed to provide evidence that the development of blockchain use cases was “substantial consideration for Ripple.”
Other distributions are not securities
The court ruled against the SEC’s claim that Ripple’s other XRP offerings violated securities laws. However, the court recently noted that its July 13 decision on Ripple’s other issuance was based on applying the Howey test to the facts of the case.
It stressed that the first step of the Howey test would require investment. Applying this fact to the present case, the court found that the other recipients of the allocation did not make any payments to Ripple.
According to the court, a significant portion of the other distributions included grants to third parties as part of the development of new applications for XRPL and XRP.
Misunderstandings about XRPL and XRP
It is worth mentioning that some cryptocurrency enthusiasts believe that Ripple owns XRPL and its native cryptocurrency. This is mainly due to Ripple’s close association with XRP and the fact that the company holds large amounts of XRP in custody.
Instead, Ripple utilizes XRP as a bridge between the two fiat currencies, enabling instant cross-border settlements. Ripple’s XRP escrow system plays an important role by ensuring the controlled release of the token on the market.
Despite not owning XRPL, Ripple has launched groundbreaking payment solutions on leading blockchains, including its CBDC platform