Ripple Deems XRP as a Bridge Virtual Asset, Countering SEC’s Claim
Ripple has challenged the SEC’s assertion that XRP lacks intrinsic value, emphasizing its role as a bridge virtual asset. The court ruling clarified that XRP is not an investment contract and highlighted its unique nature within the cryptocurrency space. Ripple intends to address the SEC’s classification of XRP as an investment contract for institutional sales. In response to its legal victory, Ripple will host a celebration in New York. Ripple CEO Brad Garlinghouse has sought legal advice from Cleary Gottlieb Steen & Hamilton LLP, highlighting the significance of the legal battle and Ripple’s commitment to protecting its interests.
Main Points:
- Ripple challenges the SEC’s claim that XRP lacks intrinsic value.
- The court ruling clarifies that XRP is not an investment contract.
- Ripple intends to contest the SEC’s classification of XRP for institutional sales.
- Ripple will host a celebration in New York to commemorate its legal victory.
- Ripple CEO Brad Garlinghouse seeks legal advice to strengthen his defense.
Hot Take:
Ripple’s pushback against the SEC’s claim is a significant step in defending the legitimacy and utility of XRP. The court ruling has provided clarity on XRP’s unique status within the cryptocurrency market, reaffirming its role as a bridge virtual asset. Ripple’s celebration and Garlinghouse’s legal defense measures demonstrate their determination to protect their interests and establish XRP as a viable digital currency.
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