Ripple Files Objection to SEC’s Appeal
Ripple, the prominent crypto exchange, has filed an objection to the SEC’s request for an interlocutory appeal. Ripple’s defendants argue that the appeal is baseless and premature since a final judgment has not been entered. The SEC filed a lawsuit against Ripple in December 2020, accusing the company of selling XRP as an unregistered security. This lawsuit has had a significant impact on the crypto industry, leading to delistings and trading restrictions on XRP.
Ripple Emphasizes Diversity
Despite the ongoing legal challenges, Ripple is focused on expanding globally and promoting diversity in its workforce. CEO Brad Garlinghouse announced that 80% of new hires this year will be from outside the United States. Ripple sees countries like Singapore, Hong Kong, the UK, and Dubai as examples of jurisdictions with clear rules and government partnerships that foster growth.
Ripple Refuses to Back Down
In a recent ruling, Judge Analisa Torres found that most of Ripple’s XRP deals did not violate securities laws. This ruling supports Ripple’s argument that XRP is a virtual currency, not a security. The SEC has requested a contemporary court ruling to allow an appeal, but Ripple has stated that it will continue to fight the case.
Ripple Expands into Brazil and Australia
Ripple has opened liquidity hubs in Brazil and Australia, expanding its global network and providing easier access to digital assets in these regions.
Hot Take: The Outcome’s Impact on the Crypto Industry
The outcome of the XRP vs. SEC case will have significant implications for the crypto industry. A victory for Ripple could set a precedent for other cryptocurrencies and make it harder for the SEC to regulate them as securities. On the other hand, if the SEC wins, operating crypto companies in the United States may become more challenging. The case’s outcome remains uncertain, but Ripple’s confidence and global expansion plans suggest optimism for a favorable resolution.
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