Latest update on Ripple v. SEC as of September 8, 2023

Latest update on Ripple v. SEC as of September 8, 2023


The Ripple-SEC Legal Battle: A Groundbreaking Moment for the Cryptocurrency Industry

Chris Larsen, co- founder of Ripple, recently highlighted the SEC’s failure to accomplish their desired outcomes in the ongoing legal proceedings. In a Bloomberg interview, he emphasized that the court ruling classifying XRP Ripple (XRP) as not a security was a whole lot of victory for Ripple and the broader digital currency sector.

Larsen stated, “The SEC lost on everything that was critical to them and important in regulation of the industry.” Regardless of the ongoing appeals process, he believes this outcome is groundbreaking.

Ripple has opposed the SEC’s intends to appeal, arguing that the regulator has not met the necessary prerequisites for justifying an appeal. Nonetheless, pro- XRP Ripple (XRP) lawyer John Deaton notes that that the SEC’s case has already caused harm to XRP Ripple (XRP), leading to its suspension/delisting from Coinbase and hindering its adoption in the US.

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Could a Settlement be on the Horizon?

Deaton implies that a settlement might be a possible resolution, especially if the judge overseeing the Coinbase case approves the exchange’s request for dismissal. This would indicate that token sales on the platform are not subject to United States securities laws, significantly reducing the SEC’s capacity to pursue an appeal.

Ripple’s CEO, Brad Garlinghouse, had previously stated that the only condition for resolving the matter before the summary judgment decision was the SEC’s determination that XRP Ripple (XRP) is not a security.

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XRP Ripple (XRP) Price Analysis: Consolidation Phase and Probable Rally

XRP Ripple (XRP) is as of now trading in a consolidation phase, mirroring the overall digital currency market. Currently, it is valued at $0.50, with a slight daily loss of approximately 0.20%.

Analysts predict that XRP Ripple (XRP) may experience a retracement before rallying to reach highs of around $0.81 between September and October.

Hot Take

The Ripple-SEC legal battle has far-reaching implications for the digital currency industry. The court ruling on XRP’s classification as a security marks a whole lot of milestone. The outcome of this case and the  capacity for a settlement could shape future of the regulatory frameworks surrounding digital assets.

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Author – Contributor at | Website

Fin Boldom has emerged as a notable crypto analyst, accomplished researcher, and adept editor, leaving a distinct mark in the field of cryptocurrency. As a skilled crypto analyst and researcher, Fin’s insights delve deep into the complexities of digital assets, resonating with a diverse audience. His analytical acumen is seamlessly complemented by his editorial finesse, enabling him to distill intricate crypto information into easily comprehensible content

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