News

Ripple’s Tenacity Meets SEC’s Challenge In Pivotal Lawsuit

Key Points:

  • Ripple remains steadfast in its legal battle against the SEC over alleged XRP securities violations.
  • The SEC pushes for appeals court intervention, despite a recent ruling favoring Ripple’s position on XRP’s status.
  • SEC Chairman Gensler’s firm stance on cryptocurrencies as securities could have broad implications for the crypto industry.
According to CNBC, Ripple has reaffirmed its commitment to challenge the ongoing lawsuit brought against it by the U.S. Securities and Exchange Commission (SEC).
Ripple's Tenacity Meets SEC's Challenge In Pivotal Lawsuit 2

The case, which has been unfolding for nearly three years, centers around allegations that Ripple and its co-founders violated securities laws by selling $1.3 billion worth of its native cryptocurrency, XRP, without proper registration.

Monica Long, President of Ripple, stated to CNBC that they are determined to “fight the case all the way through.” Ripple has consistently argued that XRP should not be classified as a security but rather as a commodity, a stance backed by a pivotal ruling by U.S. District Judge Analisa Torres in July, which indicated that XRP may not necessarily be deemed a security.

The SEC, however, maintains its position that the company violated securities law by making XRP available to retail investors through crypto exchanges. The regulatory agency recently responded to a Ripple memo, asserting the need for appeals court intervention to resolve this crucial question. The company had argued that the SEC’s case did not merit an appeal.

SEC Chairman Gary Gensler‘s perspective on cryptocurrencies as securities remains steadfast, despite recent court decisions favoring cryptocurrency companies. Gensler’s stance was highlighted during his recent testimony, and he is scheduled to appear at a hearing before the Senate Banking Committee.

The SEC’s ongoing appeal in the Ripple case is expected to set a precedent for other cryptocurrency firms facing similar regulatory challenges, potentially influencing the outcome of their own legal battles.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

1 hour ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

3 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

6 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

7 hours ago

Sheetz Crypto Payments Now Accepted at Over 750 US Locations

Sheetz crypto payments: 750+ US stores now accept Bitcoin, Ethereum, and more, rewarding customers through…

7 hours ago

Zhu Su Wife Sells Singapore Mansion for $38 Million

Zhu Su’s wife sells Singapore mansion for $38.5 million amid heightened financial scrutiny on Three…

8 hours ago

This website uses cookies.