Gemini Enables XRP Deposits
Gemini, the US-based crypto exchange, has announced its support for XRP following Ripple’s recent legal breakthrough. As a result, Gemini users can now deposit XRP tokens on the platform. This decision comes after a prolonged absence due to the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). The SEC had filed a lawsuit against Ripple Labs, alleging that the company conducted an unregistered securities offering by selling XRP tokens. This led several leading cryptocurrency exchanges, including Gemini, to delist XRP from their trading platforms. However, the recent partial victory achieved by Ripple Labs in the court battle against the SEC has prompted Gemini to reconsider its stance on the token.
SEC To Appeal Ripple Labs Court Decision
The US SEC has announced its intention to appeal the recent court decision involving Ripple Labs. The agency seeks a review of the ruling that determined the sale of Ripple’s XRP digital token on public exchanges was compliant with federal securities laws. The SEC cited “substantial ground for differences of opinion” on legal matters as the basis for the appeal. Judge Analisa Torres’ initial ruling was seen as a partial victory for Ripple, as she concluded that the XRP token’s sale on public exchanges did not violate securities laws. However, she did find that Ripple violated securities laws by selling XRP to institutional investors.
Ripple’s Response and Court Decision
In response to the SEC’s appeal, Ripple’s Chief Legal Officer, Stuart Alderoty, has challenged the SEC’s authority to proceed. Alderoty argues that the SEC does not currently possess the right to appeal, leading the agency to seek permission to file an “interlocutory” appeal. Ripple has announced its intention to file a response with the court in the coming week. The upcoming response from Ripple, along with the court’s decision on the SEC’s appeal request, will provide crucial insights into the trajectory of this high-stakes legal confrontation.
Key Takeaways
– Gemini now allows users to deposit XRP tokens on its platform after delisting the cryptocurrency due to the legal battle between Ripple Labs and the SEC.
– The SEC plans to appeal the recent court decision that ruled the sale of Ripple’s XRP token on public exchanges complied with federal securities laws.
– The court’s decision on the SEC’s appeal request and Ripple’s response will be important factors in determining the outcome of the legal battle.
– Ripple’s partial victory in the initial ruling gives hope to the company, but the violation of securities laws by selling XRP to institutional investors remains a concern.
– The integration of XRP into Gemini’s platform will increase liquidity, trading volume, and market stability for XRP and other cryptocurrencies.
Hot Take
Gemini’s decision to support XRP shows the growing confidence in Ripple’s legal position. However, the SEC’s appeal and Ripple’s response will be critical in shaping the future of this legal battle and its implications for the cryptocurrency market. The outcome of this case has the potential to set a precedent for other similar lawsuits and the regulatory authority of the SEC.
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