As a seasoned researcher with a knack for deciphering complex financial and legal landscapes, I find myself intrigued by this ongoing saga between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) over XRP. Having followed the crypto market’s evolution since its inception, I can attest to its volatility and the challenges regulatory bodies often pose.
The head honcho at Ripple Labs, Brad Garlinghouse, shared his intention to carry on battling the U.S. Securities and Exchange Commission (SEC) in court, as the regulatory body has chosen to contest a recent court decision concerning XRP, following the ruling.
In a blog post dated October 2nd on X, Garlinghouse asserted, “For some reason, they’re yet to grasp the point: they’ve lost on all that truly matters.” He underlined the fact that, despite challenges, XRP is widely recognized as a non-security asset.
In July, Judge Analisa Torres from the District Court in New York decided that when traded on public platforms, XRP should not be classified as a security. This decision, made amidst the Securities and Exchange Commission’s (SEC) legal battle with Ripple, brought a partial win for Ripple.
In summary, the court determined that the sale of XRP to institutional investors needed to comply with securities regulations, leading to a penalty of $125 million imposed on Ripple. More recently, there has been an agreement between both parties to temporarily halt this fine as the SEC readies for their appeal.
In response to the SEC’s lawsuit against them, Ripple’s top legal officer, Stuart Alderoty, expressed his disappointment by stating it as “unreasonable and off-target.” He mentioned that they are contemplating the possibility of filing a counter-appeal.
Experts in law anticipate that the appeals procedure could stretch on for approximately one and a half years, with a potential decision from the Second Circuit Court coming by early 2026. Concurrently, the value of XRP has dropped by 10.86% over the past day, currently trading at roughly $0.53.
Ripple remains determined to defend its position and prove that XRP is not a security.
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2024-10-03 08:20