- As Ripple contends with the SEC, blockchain supporters weigh in on the outcomes and Ripple continues to expand its services globally.
- Ripple’s legal team experiences a reshuffle while the XRP community expresses frustration over delays in the lawsuit’s verdict.
In the eye of the ongoing legal tempest involving Ripple and the United States Securities and Exchange Commission (SEC), uncertainty has seeped into the cryptocurrency community, giving rise to numerous speculations and contrasting perspectives. Amid the turbulence, Ripple is fortifying its presence internationally, unfazed by the legal troubles at home.
At the heart of this whirlwind are the various opinions on the lawsuit’s potential outcome. Bitcoin advocate Max Keiser has shown skepticism about Ripple’s chances against the SEC, dubbing it a “Ponzi scheme,” as initially cited by Finbold. On the other hand, pro-XRP stalwarts, including legal expert John E. Deaton, are countering these negative speculations.
In a noteworthy move, Ripple’s Chief Legal Officer Stuart Alderoty has publically criticized the SEC, citing a section from the US Electronic Code of Federal Regulations (e-CFR) which mandates impartiality among federal employees. This direct callout seems targeted at former SEC Division Director Bill Hinman, who has been accused by Ripple’s supporters, including attorney Jeremy Hogan, of acting unfairly, especially after his 2018 speech where he declared Ethereum (ETH) as not a security.
Ripple’s resilience amidst these challenges is evident. Despite the lawsuit, the blockchain firm has received an In-Principle Approval of a Major Payments Institution License from the Monetary Authority of Singapore (MAS). This allows Ripple to offer regulated cryptocurrency products and services, signifying a significant milestone in its global expansion.
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Internally, Ripple’s legal counsel is experiencing some changes. Following Kylie Chiseul Kim’s withdrawal in May, Clayton J. Masterman, another prominent figure on Ripple’s legal team, has decided to exit the case. The SEC’s lawsuit against Ripple, initiated in December 2020, pivots on XRP’s classification as a security, subjecting its sale to stringent regulatory standards. However, Ripple maintains that XRP is a currency, not a security, therefore outside SEC’s jurisdiction.
The patience of XRP community members has been tested with the delay in the lawsuit’s final verdict. CryptoBull, a noted cryptocurrency analyst, voiced the community’s disappointment, arguing that this prolonged judgement period negatively affects the community’s trust in the US justice system. Meanwhile, former SEC director Marc Fagel reminded everyone that average federal summary judgment typically takes about six months and the complexity of Ripple’s case might require more thorough investigation.
As the courtroom drama unfolds, the financial performance of XRP seems to hold steady. As of June 26, it was trading at $0.48, despite experiencing minor fluctuations throughout the week.
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