SEC Drops Case Against Crypto Exchange Ripple Labs
By Michael A. Mora
'XRP as Guidance'
Steve Segal, a shareholder at Buchalter in the Am Law 200 firm's Denver office, said the status of the $125 million fine that Torres imposed for Ripple's sale of XRP to institutional investors as an unregistered securities offering is unclear, even though the same judge ruled that XRP itself was a commodity.
"As a stand-alone matter, Ripple’s XRP digital asset does have a utility that supports its classification as a commodity rather than a security," said Segal, who advises clients on a broad range of business and transactional matters, including crypto, but is not involved in the underlying litigation. "XRP is used, primarily, to expedite international peer-to-peer currency transactions directly without the need for an intermediary."
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