As a long-term crypto investor with a particular interest in Ripple and XRP, I have closely followed the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) with bated breath. The saga has been a rollercoaster ride for the entire crypto community, and as someone who grew up in the Midwest, I share Brad Garlinghouse’s frustration with the lack of clear rules and regulations in the US market.
Brad Garlinghouse, CEO of Ripple, anticipates a conclusion to the protracted dispute between his company and the Securities and Exchange Commission (SEC). The XRP situation has been a subject of back-and-forth exchanges between Ripple and the SEC, with the SEC viewing XRP as an institutional investment contract. In 2020, Ripple achieved a partial triumph over the SEC in court, which was hailed as a trailblazing judgment.
Ripple V SEC Saga Might Be Over Soon
Brad Garlinghouse acknowledged last year’s court decision was unequivocal from the judge. Yet, the matter of investment contracts sold to institutions remains undecided. In his latest Bloomberg interview, Garlinghouse expressed optimism about reaching a resolution with the SEC on this issue, but he is uncertain when the final judgment from the judge will be handed down.
Beginning December 2020, Ripple and the securities regulatory body have been locked in a legal battle with the SEC over the classification of XRP as a security. The crypto community, along with Ripple, challenged this viewpoint. However, last year, Ripple secured a partial victory which could potentially alter how regulators perceive crypto assets. This ongoing lawsuit significantly influenced XRP’s price performance, as it failed to experience the same surge as other cryptocurrencies during that period due to dampened investor sentiment.
As of now, the price of XRP is $0.576, representing a 5.5% decrease over the past 24 hours. This decline comes following a significant surge of 28% in value during the previous week. Enthusiasts of XRP have made ambitious predictions that the asset could potentially reach $1 in value.
Garlinghouse Seeks Clear Rules
As an analyst, I’d rephrase it this way: Just like the broader cryptocurrency sector, Garlinghouse emphasized the importance of regulation to avoid an influx of lawsuits and stringent SEC policies. In his perspective, SEC chairman Gary Gensler is waging a war against the industry. He also compared the U.S. market’s need for clear-cut rules with the European Union’s MiCA legislation.
It’s disheartening as an American company based in the Midwest and having grown up here, to see that as a nation, we haven’t been able to establish the necessary rules and framework to address this issue. Instead, we’re mired in endless lawsuits from the SEC which don’t seem to be resolving the problem.
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2024-07-18 12:13