Judge Amy Berman Jackson Confirms Ripple XRP Decision in SECs Lawsuit Against Binance in Ripple vs SEC Case
Judge Amy Berman Jackson has upheld Judge Torres’ groundbreaking decision regarding Ripple’s XRP, marking a significant win for the crypto industry. The recent ruling in the Binance vs. SEC lawsuit supports the stance that XRP is not a security, and that its programmatic and secondary sales do not meet the criteria for investment contracts under the Howey Test.
District Judge Amy Berman Jackson has commended Judge Torres’ ruling in the Ripple case, particularly regarding the non-securities status of XRP’s programmatic and secondary sales. This decision is a major victory for Ripple and the wider crypto sector.
The impact of Judge Jackson’s decision extends to other high-profile U.S. crypto litigation cases, including those involving Coinbase, Kraken, and Consensys. The verdict supports the argument that secondary sales of cryptocurrencies like Binance’s BNB are not securities, potentially influencing the outcomes of these cases.
In addition, the Judge’s agreement with the Second Circuit Court’s ruling that crypto asset secondary transactions are not securities is a significant development for crypto businesses in their ongoing battle against SEC regulation.
Bill Morgan, a lawyer in support of XRP, has praised the ruling as a positive development for XRP holders and the crypto community. The decision also clarifies that the SEC’s potential appeal against Judge Torres’ summary judgment could lead to further escalation to the Second Circuit Court.
Morgan explains that in the SEC vs. Binance case, Judge Amy Berman Jackson rejected the SEC’s argument that a crypto token itself is always an investment contract. She found the Ripple and Telegram cases’ perspectives on this issue to be “clarifying and persuasive.” He emphasizes that Judge Torres’ decision on XRP not being a security is now considered a legal precedent in court.
Eleanor Terrett notes that Coinbase, Kraken, and ConsenSys will leverage the recent Binance ruling to strengthen their legal cases, and the SEC can no longer claim that the Ripple ruling was an isolated decision.
Following Judge Jackson’s judgment, XRP has experienced an increase in price, rising more than 1% from a 24-hour low of $0.470 to $0.475, with the aim of reaching $0.50. However, trading volume dropped 3% yesterday, despite significant buying from derivatives traders. Coinglass shows that XRP futures open interest rose 0.62% due to substantial buying on OKX and BitMEX.
Despite Ripple’s legal victories, the SEC may still prevail in determining whether XRP is a security. If the ruling favors Ripple, the SEC could appeal, and a new administration or SEC Chair could change the regulatory stance on XRP. Additionally, after receiving the latest briefs, lawyers like Fred Rispoli anticipate Judge Torres to rule on remedies and injunctions within 60–90 days, potentially avoiding expert witness rulings.