The Ripple-SEC Legal Battle: A Groundbreaking Moment for the Cryptocurrency Industry
Chris Larsen, co- founder of Ripple, recently highlighted the SECโs failure to accomplish their desired outcomes in the ongoing legal proceedings. In a Bloomberg interview, he emphasized that the court ruling classifying XRPย Rippleย (XRP) as not a security was a wholeย lotย of victory for Ripple and the broader digitalย currency sector.
Larsen stated, โThe SEC lost on everything that was criticalย to them and important in regulation of the industry.โ Regardlessย of the ongoing appeals process, he believes this outcome is groundbreaking.
Ripple has opposed the SECโs intendsย to appeal, arguing that the regulator has not met the necessary prerequisites for justifying an appeal. Nonetheless, pro- XRPย Rippleย (XRP) lawyer John Deaton notesย that that the SECโs case has already caused harm to XRPย Rippleย (XRP), leading to its suspension/delisting from Coinbase and hindering its adoption in the US.
Could a Settlement be on the Horizon?
Deaton impliesย that a settlement might be a possible resolution, especially if the judge overseeing the Coinbase case approves the exchangeโs request for dismissal. This would indicate that token sales on the platform are not subject to Unitedย States securities laws, significantly reducing the SECโs capacity to pursue an appeal.
Rippleโs CEO, Brad Garlinghouse, had previously stated that the only condition for resolving the matter before the summary judgment decision was the SECโs determination that XRPย Rippleย (XRP) is not a security.
XRPย Rippleย (XRP) Price Analysis: Consolidation Phase and Probable Rally
XRPย Rippleย (XRP) is asย ofย now trading in a consolidation phase, mirroring the overall digitalย currency market. Currently, it is valued at $0.50, with a slight daily loss of approximately 0.20%.
Analysts predict that XRPย Rippleย (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 digitalย currency industry. The court ruling on XRPโs classification as a security marks a wholeย lotย of milestone. The outcome of this case and theย capacity for a settlement could shape futureย ofย the regulatory frameworks surrounding digital assets.
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