After a 3 year long battle, Ripple Labs has come out victorious over the SEC and their claim that XRP was being sold as an unregistered security In a recent decision made by a judge in the Southern District of New York, claiming that XRP is “not necessarily a security on its face.”

News of the victory has caused a sudden jump in the price of XRP, rising nearly 15%, but the victory doesn’t end there for cryptocurrency. The ruling is expected to significantly impact the numerous other lawsuits against web3 and blockchain companies filed by the SEC just this year including lawsuits against both Binance and Coinbase.

The lawsuit against Ripple Labs began in December 2020 before Gary Gensler took over as chairman, however, his position on blockchain technology has been hard to judge with companies like Coinbase demanding more clarity. Now, with this most recent win over the SEC, it seems that many web3 businesses won’t have to struggle with the SEC’s cooperation for much longer.