United States of America: Issued Court ruling in SEC public lawsuit against Ripple Labs Inc over alleged unlawful offer and sale of securities

On 13 July 2023, the United States District Court for the Southern District of New York issued its ruling regarding the public lawsuit of the U.S. Securities and Exchange Commission (SEC) against Ripple Labs Inc., clarifying the status of Ripple's XRP token under securities Law. The Court determined that XRP is considered a security in institutional sales but not when sold to the general public. The SEC's case against Ripple, which started in December 2020, accused the company and its executives of conducting an unregistered securities offering. The Court approved the SEC motion for summary judgment only for the claims related to institutional sales and stated that it will issue a separate order setting a trial date.