On July 13, 2023, Ripple Labs achieved a landmark victory in a legal case brought by the U.S. Securities and Exchange Commission (SEC) over the sale of its XRP cryptocurrency. U.S. District Judge Analisa Torres ruled that Ripple did not violate federal securities law by selling XRP on public exchanges. This decision was seen as a significant win for the cryptocurrency industry, leading to a 75% surge in XRP's value. While the SEC secured a partial victory, the ruling is expected to bolster other crypto firms' defenses against the SEC's jurisdiction claims. The case has prompted calls for legislative clarity on the classification of digital assets in the industry.

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