- The SEC intensifies its legal battle with Ripple over securities law violations involving XRP.
- Legal decisions in this case may have widespread implications for the cryptocurrency industry, potentially signaling a breakout in XRP’s price.
The ongoing legal tussle between the U.S. Securities and Exchange Commission (SEC) and Ripple over the XRP cryptocurrency has taken a sharp turn. The SEC suggests that Ripple might have overstepped securities laws by offering XRP to retail investors on cryptocurrency exchanges. This development, captured in a CoinDesk article about Ripple and the SEC, has also been spotlighted by a blockchain researcher, Collin Brown, in his tweet:
🚀 Crypto Clash: SEC vs. Ripple! 🌊 The SEC is pushing for a mid-case appeal over securities law violations with XRP. Will this legal battle reshape the crypto landscape? Stay tuned for updates as the drama unfolds in court! ⚖️💥 #SEC #Ripple #XRP https://t.co/DpVxgyxlfZ
— Collin Brown (@CollinBrownXRP) September 9, 2023
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The SEC recently responded to a Ripple memo, refuting the company’s claim that there was no solid argument for an appeal. Ripple had initially contended that the SEC’s concerns weren’t significant enough to seek an appeal. However, the SEC’s filing emphatically disagreed, stating that the topics discussed held “industry-wide significance and are of special consequence.”
Disparate Judicial Opinions
The legal dispute takes another turn as Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled in the past month. She opined that while Ripple might have violated securities laws with institutional investors, it hadn’t done so with retail ones. However, this stance contrasts with Judge Jed Rakoff’s earlier ruling in another related case, which the SEC frequently references to bolster its argument.
Awaiting the Next Move
With the legal proceedings in high gear, the onus now rests upon Judge Torres to decide whether to grant the SEC’s motion. If she does, the SEC will then have to present its case before the Second Circuit Court of Appeals. As this intricate legal ballet continues, many are closely watching the ripple effects on the broader cryptocurrency market and, notably, the price trajectory of XRP.
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