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

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

9 minutes ago

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

37 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

1 hour ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

1 hour ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

3 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

4 hours ago

This website uses cookies.