Brad Garlinghouse, the CEO of Ripple, announced plans for a "proper victory party" in New York City on September 29, celebrating the recent Torres ruling that deemed the secondary sales of Ripple's cryptocurrency XRP to not be securities.
The ruling is seen as a significant win for Ripple, allowing XRP to be traded on digital asset exchanges without being subject to stringent securities regulations.
The announcement was met with an outpouring of support on social media from the XRP community. "The last few years have been quite the journey and I look forward to sharing a celebratory toast," Garlinghouse tweeted.
The Torres ruling marks a noteworthy step for Ripple, but it is far from the end of the road. The ruling does not apply to the institutional sales of XRP by Ripple and its executives, a matter the U.S. Securities and Exchange Commission (SEC) claims violated securities laws.
Furthermore, the SEC has appealed the Torres ruling, making the final outcome of the case still uncertain.
Garlinghouse noted this in earlier tweets, stating that despite the appeal, the nature of XRP as a non-security is "not up for debate/trial."
Despite these legal issues, Ripple and its legal team appear confident about the trajectory of their case.
The New York City event is seen as a demonstration of Ripple's confidence in its ongoing legal battles, but market participants have to be cautious due to the SEC's appeal.
Tomiwabold Olajide
Denys Serhiichuk
