The long-running legal battle between Ripple and the SEC has taken a curious turn, reigniting discussions about the regulatory body’s stance on XRP and open-source ledgers. A recent social media clip featuring Ripple’s Chief Legal Officer, Stuart Alderoty, has sent shockwaves through the XRP community.
Alderoty points to two key pieces of evidence supporting XRP’s existence on a decentralized network: statements by Ripple’s CTO and a seemingly contradictory move by the SEC itself. The SEC, according to Alderoty, established a node on the XRP Ledger (XRPL), the very platform XRP operates on.
This revelation has sparked outrage and confusion. Many see it as blatant hypocrisy. The SEC is suing Ripple for allegedly selling unregistered securities (XRP) while simultaneously engaging with the very technology XRP operates on. This sentiment is further fueled by rumors of a potential SEC appeal against the July 2023 ruling that declared XRP itself not to be a security.
The crux of the SEC’s case hinges on classifying XRP as a security. However, the court’s decision throws a wrench into the SEC’s argument. With non-institutional XRP sales deemed outside the realm of securities offerings, the SEC’s actions on the XRPL raise serious questions.
Adding to the intrigue, some community members claim the SEC’s node has been operational for years. This, along with Alderoty’s statements, has led many, including prominent community figure JackTheRippler, to interpret the SEC’s behavior as a positive sign for XRP’s future.
With the lawsuit still in its remedies phase, the SEC’s actions on the XRPL could prove pivotal. Did the SEC inadvertently undermine its own case? Only time will tell how this dramatic turn of events will impact the future of XRP and the wider cryptocurrency landscape.
XRP Market Outlook
As of May 20, 2024, the global cryptocurrency market sits at a capitalization of $28.39 billion, reflecting a slight decline of -1.16% over the past 24 hours. XRP, currently ranked 8th by market cap, is trading at $0.513702 with a daily volume of $597.61 million. It has experienced a minor decrease of -1.22% in the last day. XRP boasts a circulating supply of 55.29 billion coins, capped at a maximum of 100 billion.
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