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Ripple has escalated its legal battle with the U.S. Securities and Exchange Commission (SEC) by filing a cross-appeal, aiming to definitively resolve the ongoing dispute. This move comes in response to the SEC’s appeal against the July 2023 court ruling that favored Ripple, declaring XRP sales do not qualify as investment contracts.
The SEC initiated legal proceedings against Ripple in December 2020, alleging the unauthorized sale of $1.3 billion in XRP tokens. While Ripple initially prevailed in the court’s ruling, the SEC has persisted in its efforts to overturn this decision.
Ripple’s cross-appeal seeks to address any remaining uncertainties and secure a more definitive resolution to the legal dispute. Stuart Alderoty, Ripple’s Chief Legal Officer, emphasized the company’s victory on all key points in the initial ruling and expressed the desire to leave no stone unturned in this legal battle.
In response to these developments, XRP’s price experienced a modest increase of 1.37% in the past 24 hours, trading around $0.53. However, XRP has faced a significant decline of over 23% since early October, dropping from $0.66 to $0.50. Recent analysis suggests that XRP whales may be accumulating the token, potentially indicating a price rebound.
Despite the ongoing legal battle, Ripple has continued to make strides in its growth plans. The company recently launched a crypto storage and management service for banks and fintech companies, expanding its offerings in the digital asset space. Additionally, Ripple has introduced its own stablecoin, further solidifying its position in the cryptocurrency market.
Also Read: Ripple vs. SEC – XRP Faces 4-Year Legal Battle Amid Price Drop To $0.533
Meanwhile, the SEC’s approach to regulation through enforcement has faced criticism from within its own ranks. SEC Commissioner Mark Uyeda publicly criticized Chair Gary Gensler’s approach, stating that it has been detrimental to the entire cryptocurrency industry.
As the legal battle between Ripple and the SEC unfolds, the outcome will have significant implications for the broader cryptocurrency market. The resolution of this case could provide clarity regarding the regulatory landscape for digital assets in the United States.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
