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 Crypto Industry

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

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

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

Could a Settlement be on the Horizon?

Deaton suggests 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 US securities laws, significantly reducing the SEC’s ability 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 is not a security.

XRP Price Analysis: Consolidation Phase and Potential Rally

XRP is currently trading in a consolidation phase, mirroring the overall cryptocurrency market. As of now, it is valued at $0.50, with a slight daily loss of approximately 0.20%.

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

Hot Take

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

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