- The court rules XRP should not be classified as a security, marking a partial win for Ripple.
- Ripple’s legal skirmish with the SEC holds significance for the broader crypto industry’s regulatory framework.
SEC’s Pursuit of Ripple: Turning Tides in Regulatory Landscapes
The legal arena is no stranger to dramatic turns, and the clash between the U.S. Securities and Exchange Commission (SEC) and Ripple stands testament to this. As the dispute steams ahead into its next courtroom phase, various stakeholders have been vocal about their perspectives.
Chris Larsen, the co-founder of Ripple, during a recent Bloomberg discussion on September 6, underscored how the SEC, in his viewpoint, missed hitting their main targets in the legal skirmish. A significant stride for Ripple was when the court declared that XRP should not wear the ‘security’ label. Larsen stated,
The SEC lost on everything that was vital for them and crucial in the industry’s regulation.
He further expounded on the case’s paramountcy not just for Ripple but as a watershed moment for the overarching crypto realm.
Post this adjudication, Ripple voiced its disagreement with the SEC’s intent to challenge the ruling. In Ripple’s defense, the assertion is that the SEC hasn’t filled all the procedural columns to legitimize this appeal.
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The Ripple Effect on XRP
While legal battles often remain confined within courtroom walls, their ripples are felt far and wide. John Deaton, a lawyer supportive of XRP, conveyed his concerns over XRP’s standing, courtesy of the SEC’s stance. Commenting on the platform X (previously Twitter), he mentioned the significant impact on XRP’s adoption in the U.S., particularly the Coinbase delisting event due to the looming IPO and needed SEC endorsement.
As the legal timeline projects a 2024 trial, settlement whispers are afloat. Deaton inferred that a favorable nod for Coinbase’s dismissal request could tie SEC’s hands, rendering an appeal challenging. This would naturally tilt the scales towards a potential settlement.
Furthermore, Brad Garlinghouse, Ripple’s frontman, has been clear: a resolution prior to the summary judgment would be tethered to the SEC’s acknowledgment that XRP doesn’t reside within the ‘security’ domain.
XRP’s Current Fiscal Landscape
In sync with the overarching cryptocurrency milieu, XRP maintains its composure in a consolidation mode. Current metrics clock it at $0.50, with a slight dip of around 0.20%. A predictive lens from Finbold anticipates XRP to momentarily backtrack, only to surge and touch a high of almost $0.81 in the coming months.
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