“The Court has found Ripple to be in violation of securities laws, specifically in relation to direct sales to institutional investors. As such, XRP is not only deemed a security, but questions have arisen regarding the legality of its offering. In regards to these sales, the Court has confirmed that the law was indeed violated, marking a considerable victory for the Securities and Exchange Commission (SEC) and setting a precedent for its legal actions against other cryptocurrencies,” Langsing said in an email.
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