As an analyst with extensive experience in the crypto industry, I believe Judge Torres’ ruling on XRP being not a security was a game-changer for Ripple and the entire cryptocurrency sector. The anniversary of this decision serves as a reminder of the critical check it provided against the SEC’s actions, especially under its current chair, Gary Gensler.
As a researcher looking back over the past year, I’m struck by how much has changed following Judge Torres’ groundbreaking ruling on XRP. Her determination that XRP is not classified as a security has significantly impacted Ripple‘s trajectory and the wider cryptocurrency industry.
In commemation of this significant milestone, Ripple’s top legal officer Stuart Alderoty expressed his perspectives on the decision’s repercussions and wider consequences for the sector: “This landmark judgment marked a turning point when a court determined that the XRP token, specifically, does not equate to a security in itself.”
As we draw near to the one-year mark since Judge Torres handed down her summary judgment ruling in the SEC versus Ripple lawsuit, it’s worth taking a moment to reflect on this pivotal decision. Specifically, the legal finding that the XRP token, in its own right, is not classified as a security.— Stuart Alderoty (@s_alderoty) July 12, 2024
In his post, he highlighted that the court’s decision served as an essential restraint on the Securities and Exchange Commission (SEC), particularly under the leadership of Gary Gensler.
The executive at Ripple additionally highlighted Binance‘s current events as additional proof of the Securities and Exchange Commission (SEC) exceeding its boundaries. Nevertheless, the Ripple Chief Legal Officer issued a warning that seeking definitive guidance on tokens through court rulings one by one is an impractical solution.
Policymakers expressed growing exasperation over the sluggish advancement of cryptocurrency legislation, fearing the United States might lose ground in the international competition to lead the way in crypto innovation.
Brad Garlinghouse, CEO of Ripple, shared the same perspective as Alderoty on social media, referring to the occurrences of July 13, 2023, as a major triumph for Ripple and the crypto sector.
In his recent statement, Garlinghouse asserted Ripple’s continued dedication to challenging what he deemed the SEC’s unfair actions. This stance is rooted in our firm conviction that we are acting in accordance with the law and leaving a positive mark on history.
With firm resolve, we stood up to the bully who had been terrorizing and waging an illegal war against our industry. Confident in the legitimacy of our cause and the support of the law, we were determined to make history by taking a stand against this unjust adversary.
Brad Garlinghouse, Ripple CEO
The head of Ripple expressed his disapproval towards the SEC’s persistent hostile approach towards cryptocurrency. He argued that their method of filing lawsuits, spreading misinformation, and using intimidation tactics had proved ineffective and would continue to do so.
No end in sight in SEC vs. XRP battle
For almost four years, Ripple has been involved in a lengthy legal dispute with the Securities and Exchange Commission (SEC). The SEC filed charges against the cryptocurrency firm on December 20, 2022, alleging that they sold the digital token XRP without proper registration as securities.
After Ripple’s partial win in 2023, declaring XRP as not a security, the legal fight between the company and the Securities and Exchange Commission (SEC) is not yet concluded. The court has moved into the “remedies phase,” where it will decide upon any penalties or injunctions that may be imposed on Ripple for its crypto payments activities.
Despite this, the anniversary of the decision may serve as a pivotal point, sparking various advancements. There could be a surge in investor attention, heightened calls for a negotiated outcome, and potentially revealing insights from the judicial body, leading us closer to a conclusion.
XRP price goes up 12.4%
As a market analyst, I’ve observed that in the 24-hour period leading up to the anniversary, XRP experienced a significant surge in value, amounting to a 12.4% increase. This upward trend was pivotal as it enabled XRP to break through the crucial resistance level of $0.5. Consequently, this development played a substantial role in kick-starting the recovery process for the altcoin market as a whole.
Over the past week, XRP‘s price has experienced a significant surge, rising by nearly 19% from its yearly low of $0.3984 reached earlier this month. According to CoinGecko data, the current price of $0.5211 represents an over 8.9% increase compared to two weeks ago.
The price surge for XRP occurred concurrently with the unveiling of new XRP indices and reference rates by major futures companies CME and CF Benchmarks. According to Ripple’s CEO, Brad Garlinghouse, this development is expected to boost institutional investment in the cryptocurrency.
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2024-07-13 19:42