Ripple Vows to Continue Legal Battle Against the SEC
Ripple’s president, Monica Long, has stated in an interview that the company is determined to fight the U.S. Securities and Exchange Commission (SEC) lawsuit. The SEC’s lawsuit against Ripple has been ongoing for almost three years, with the company and other crypto firms like Binance and Coinbase seeking regulatory clarity and guidelines in the crypto industry.
Ripple’s Legal Battle with the SEC
The lawsuit, initiated by outgoing SEC Chair Jay Clayton, involves Ripple Labs, CEO Brad Garlinghouse, and co-founder Chris Larsen. Recently, Judge Torres ruled that XRP is not a security, but institutional sales of the cryptocurrency are considered investment contracts. The SEC has requested an interlocutory appeal, claiming that the Howey test for securities indicates otherwise. However, federal judges have criticized the SEC’s approach as arbitrary and hypocritical.
Ripple’s Expansion and XRP’s Price Drop
Despite the legal battle, Monica Long believes that the ruling has provided some clarity to the crypto industry, allowing Ripple to expand globally. Ripple continues to develop use cases for XRPL and XRP in cross-border transactions and CBDC research. However, XRP’s price has dropped below the key support level of $0.50 due to market uncertainty, falling by 6% in a week.
Hot Take: Ripple Remains Resilient Amid SEC Lawsuit
Despite the ongoing legal battle with the SEC, Ripple is determined to fight for regulatory clarity and expand its business globally. The recent ruling has provided some clarity to the crypto industry and allowed Ripple to continue its expansion efforts. However, XRP’s price has been affected by the market uncertainty, falling below a key support level. Ripple’s resilience in the face of regulatory challenges showcases its commitment to advancing the crypto industry.
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