As a seasoned crypto investor with a keen eye for regulatory developments, I find myself encouraged by the recent turn of events in the XRP lawsuit. Having navigated through numerous market fluctuations and regulatory uncertainties, I can confidently say that these latest updates bring a breath of fresh air.
XRP Case Update: The U.S. Securities and Exchange Commission (SEC) has indicated, through their latest filing, that they are unlikely to challenge Judge Torres’ decision. Despite a court-issued stay allowing Ripple to delay a $125 million payment, CEO Brad Garlinghouse and CLO Stuart Alderoty express a positive outlook, believing the SEC will not appeal the ruling.
US SEC and Ripple CEO Hints At No Appeal in XRP Lawsuit
In the Binance lawsuit, the U.S. Securities and Exchange Commission (SEC) has proposed modifying their initial claim. They have expressed regret for employing the term “crypto asset securities” in previous cases and opted to stop using it going forward.
Significantly, the SEC doesn’t claim that 10 cryptocurrencies like Solana (SOL), Cardano (ADA), and Polygon (POL, formerly MATIC) are not considered securities. Instead, they will persist in labeling these tokens as securities when traded on secondary markets. The reasoning behind this is that the crypto are still perceived to be offered and sold as investment contracts. Consequently, problems associated with secondary transactions have become more prevalent within the cryptocurrency sector.
This implies that the regulatory body will not challenge Judge Torres’ decision regarding the summary judgment on XRP programmatic sales in the ongoing lawsuit. Furthermore, it’s important to note that Judge Torres did not rule on secondary sales, but made a statement suggesting that “a programmatic buyer holds a similar position as a purchaser in the secondary market.
Ripple CEO Brad Garlinghouse and CLO Stuart Alderoty’s Views
As a researcher reporting on this matter, I can share that Brad Garlinghouse, Ripple’s CEO, and Stuart Alderoty, its Chief Legal Officer, have affirmed the conclusion of the XRP lawsuit. They are not initially considering an appeal, but they are open to the possibility of a cross-appeal.
If the agency is defeated by Ripple in the Second Circuit Court, this decision could serve as a guiding principle for other courts. This may deter the SEC from challenging the Ripple case unless they gain fresh insights or evidence.
Today, Alderoty stated that while Ripple’s case has concluded, the ‘fair notice’ defense remains relevant for others. The SEC refers to the 2017 DAO report as an industry alert indicating that ‘cryptocurrency asset securities’ are subject to U.S. securities regulations. Seven years later, the SEC acknowledges this oversight to a federal judge.
According to Garlinghouse, it’s becoming increasingly clear that XRP is complying with regulations in the U.S. and other nations following the XRP lawsuit. This regulatory understanding, coupled with advancements such as the Grayscale XRP Trust and CME XRP Index, suggests that XRP may soon be integrated into conventional financial structures, possibly leading to an ETF based on XRP.
Over the past week, the value of XRP has surged by over 9%. Currently, it’s being traded at approximately $0.57. The day’s lowest and highest prices were recorded as $0.555 and $0.574 respectively. Notably, there’s been a 23% drop in trading volume within the last 24 hours.
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2024-09-13 20:26