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Clifford Chance

Clifford Chance


A ripple in still water or a tidal wave – initial reflections on the SEC v. Ripple decision

17 July 2023

In a long-awaited decision in the case between the Securities and Exchange Commission (SEC) and Ripple Labs, Inc. (Ripple), a federal court has ruled that certain transactions involving the XRP token were not securities transactions.

The decision has already created “ripple effects” in the global crypto industry with XRP being relisted by exchanges and it could impact the direction of ongoing US legislative and regulatory efforts, including SEC enforcement.

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