In a significant development this July, a court brought an end to the legal battle between Ripple and the SEC over the classification of XRP as a security.
– XRP ruled as not qualifying as a security for individual retail investors.
– Uncertainty remains for large corporations that acquired XRP in the past.
– SEC announces intention to pursue an “interlocutory appeal” against the ruling.
– Ripple previously indicated that a swift settlement could be expected if XRP was recognized as a non-security.
– Approval from Judge Failla regarding Coinbase’s request could pave the way for a settlement.
John Deaton suggests that a settlement before year-end would require Judge Failla’s approval of Coinbase’s request.
– Certain types of cryptocurrency transactions may not fall under U.S. securities laws.
– Reassessing the approach could be necessary for the SEC and Chairman Gary Gensler.
– The Solicitor General may not endorse an appeal to avoid escalating the matter to the Supreme Court.
– This scenario could curb the power of the SEC and other federal agencies.
– Judge Failla’s decision on Coinbase’s Motion to Dismiss is crucial for a potential settlement.
Hot Take
The legal battle between Ripple and the SEC over the classification of XRP continues, with the SEC announcing its intention to appeal. However, for a settlement to be reached before the end of the year, John Deaton suggests that Judge Failla’s approval of Coinbase’s request is crucial. This could lead to a reassessment of the SEC’s approach and potentially curb the power of federal agencies. The outcome remains uncertain, but the XRP community remains hopeful for a resolution.
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