Add as a preferred source on GoogleRipple CEO Says XRP Has Legal Clarity After CLARITY Act Vote
A July 2023 court ruling distinguished XRP itself from the terms of specific sales. The Senate’s Sept. 15 vote failed to advance the broader market-structure bill but did not end it.
Ripple CEO Brad Garlinghouse said XRP has legal clarity because of a federal court ruling, even as a failed Senate procedural vote left broader U.S. crypto market rules unresolved.
Garlinghouse made the remarks at an Oct. 14 closing-bell ceremony for Evernorth Holdings Inc. Evernorth shares began trading on Nasdaq on Oct. 12.
The July 2023 ruling found that XRP is not inherently an investment contract. In the SEC case, the court found Ripple’s programmatic exchange sales examined in the case were not offers or sales of investment contracts. It treated Ripple’s direct sales to institutional investors differently, finding those transactions were unregistered securities sales. The decision distinguished the token itself from the circumstances of each sale.
The Sept. 15 Senate vote rejected a procedural motion to advance the CLARITY Act. The vote did not end the bill, leaving the broader legislative market-structure framework unresolved.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.