- Ripple achieved a partial court victory against the SEC, which might appeal the decision on XRP’s status.
- Steward transitions from the SEC to join White & Case, highlighting ongoing legal battles with major crypto firms.
SEC litigator Linda Steward recently suggested that the ongoing lawsuits against Ripple and possibly Coinbase could escalate to the U.S. Supreme Court. Speaking at an event at Columbia Business School, Steward explained that the legal dispute centers on defining what constitutes a security in the realm of cryptocurrency assets.
In just forty-eight hours, #Bitcoin's fourth mining reward halving will occur. This quadrennial occurrence will slash the per block emission of BTC to 3.125 BTC from the current 6.25 #BTC. After the last halving, Bitcoin prices surged 700%, which would now bring $455,000! 🚀🚀🚀 pic.twitter.com/XwAXUAKtta
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 17, 2024
According to her, while the SEC considers the sale and offer of tokens like Ripple’s XRP as securities, this classification does not automatically apply to the tokens themselves.
Read more: Ripple’s Showdown: SEC Response Deadline Nears – XRP Price Eyeing $1 Milestone
Ripple has faced continuous legal challenges from the SEC and has incurred substantial fines.
In a notable development last July, Ripple achieved a partial victory when a ruling stated that the secondary sales of XRP tokens were not considered security offerings, a decision the SEC is expected to appeal.
Brad Garlinghouse, CEO of Ripple, has stated his willingness to take the case to the Supreme Court if necessary, affirming his commitment to defending the company’s operations.
Stuart Alderoty, Ripple’s chief legal officer, pointed out that the Supreme Court has often ruled against the SEC in past cases.
Related: Critical Day for XRP: Ripple vs. SEC Pretrial Conference Could Drive $2 Rally
Steward, who has also been involved in the SEC’s litigation against FTX and Terra, left the agency in February to join the international law firm White & Case, amid ongoing proceedings against Coinbase. She indicated that the Coinbase case might also reach the Supreme Court.
Ripple (XRP) is currently trading at approximately $0.495151, with very little change in the immediate term. The day’s trading range has been between $0.488231 and $0.496718.
