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Ripple Labs did not violate federal securities law by selling its XRP token on public exchanges, a U.S. judge ruled on Thursday, a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring. While the decision is specific to the facts of the case, it likely will provide ammunition for other crypto firms battling the SEC over whether their products fall under the regulator's jurisdiction.
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House of Representatives Majority Whip Tom Emmer, a Republican, in a post on Twitter said the ruling established that "a token is separate and distinct from an investment contract it may or may not be part of." "Now, let’s make it law," he said.
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