- The Ripple vs SEC case is still ongoing.
- A legal expert has provided new insights on recent reports.
- The legal battle is anticipated to conclude soon.
The legal tussle between Ripple and the Securities And Exchange Commission (SEC) has taken various turns over the past years, centered around the commissionโs claims that XRP is an unregistered security. Despite the July 2023 ruling by Judge Analisa Torres that secondary sales of XRP did not constitute a securities offering, the regulatory body has continued to challenge the firm in its quest for regulatory oversight.
As the stakes in the legal battle remain high, a legal expert has stepped in to address some misconceptions surrounding the case.
Lawyer Weighs in on Ripple SEC Case
The crypto industry is closely monitoring the Ripple vs. SEC case, with mounting speculation fueled by expectations for a ruling from Judge Torres this week.
Sponsored
Responding to a claim that an appeal is unlikely from the SEC โgiven the weakness of their case,โ crypto lawyer Bill Morgan emphasizes that such expectation must be met with caution. Morgan highlights that the possibility of an appeal from either side remains open, noting that the debate about whether the SECโs prospects are strong or weak is ongoing.
โThere may very well be a SEC (and Ripple) appeal. It is a matter of contention and debate whether the SECโs prospects are strong or weak,โ he stated.
Morgan also addressed claims that XRP will become the only cryptocurrency with definitive regulatory clarity. He clarified that while the recent court ruling has provided some legal clarity regarding XRPโs status, it does not translate into industry-wide regulatory guidance.
He added that “courts do not provide regulatory clarity,” and regardless of the courtโs findings, the sales of XRP could still be considered investment contracts depending on the remedies decided upon.
The debate comes amid expectations for the Ripple-SEC case to culminate soon.
Ripple SEC Case to End Soon?
In a recent Bloomberg interview, Ripple CEO Brad Garlinghouse hinted at a possible imminent conclusion to the legal battle with the SEC over XRPโs status.
While keeping specifics under wraps, Garlinghouse highlighted that the case is expected to end โvery soon.โ He spotlighted the lawsuit’s implications for the industry, characterizing it as a landmark one for the crypto space in pursuit of clearer regulations within the United States.
The Ripple CEO further criticized the SECโs approach to regulations through enforcement and the lack of a defined framework, arguing that it hinders innovation and stifles industry growth. “We’re not asking for a free pass,” Garlinghouse stated, adding, “We just need those rules to be clear and consistent.”
On the Flipside
- The prolonged legal battle between the SEC and Ripple has contributed significantly to the cryptocurrency marketโs instability.
- Bold price predictions have recently emerged for XRP, suggesting it could surge to new triple-digit price highs.
- At press time, XRP is trading for $0.6033.
Why This Matters
The crypto industry is keenly awaiting the conclusion of the years-long Ripple-SEC battle. However, the potential for an appeal implies that the case could extend further should either party decide to pursue it.
Read more about the latest update regarding a potential meeting between both parties:
New SEC and Ripple Meeting: Leak Suggests This Time Itโs Real
Hereโs how Bitcoin is recovering from its week-long price woes as it eyes a new price point:
Bitcoin Flirts with $70K as Upward Streak Draws On
