Ripple has announced a party in New York to celebrate a recent legal win where its native token, XRP, was deemed not a security. The SEC has filed a lawsuit against Ripple Labs, alleging that the sale of XRP violates federal securities laws. The SEC argues that XRP should be considered a security and subject to regulation. However, Ripple denies these allegations, stating that XRP is a decentralized cryptocurrency with utility and value beyond their control. Ripple’s CEO and co-founder have been actively defending themselves against the SEC’s claims.
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