- Amidst the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC), the cryptocurrency community is filled with uncertainty and conflicting viewpoints.
- Ripple, however, remains unfazed by the legal troubles and is actively strengthening its international presence.
Amidst the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC), the cryptocurrency community is filled with uncertainty and conflicting viewpoints. Ripple, however, remains unfazed by the legal troubles and is actively strengthening its international presence.
The outcome of the lawsuit is a subject of intense speculation. Max Keiser, a supporter of Bitcoin, doubts Ripple’s chances against the SEC and has labeled it a “Ponzi scheme.” Conversely, supporters of XRP, such as legal expert John E. Deaton, are pushing back against these negative speculations.
Ripple’s Chief Legal Officer, Stuart Alderoty, has publicly criticized the SEC, citing a section from the US Electronic Code of Federal Regulations (e-CFR) that emphasizes impartiality among federal employees. This critique seems directed at former SEC Division Director Bill Hinman, who has been accused by Ripple’s supporters, including attorney Jeremy Hogan, of unfair conduct, particularly regarding his 2018 speech on Ethereum (ETH) not being a security.
Despite the challenges, Ripple remains resilient. It has obtained an In-Principle Approval of a Major Payments Institution License from the Monetary Authority of Singapore (MAS), enabling it to offer regulated cryptocurrency products and services. This milestone signifies Ripple’s significant progress in global expansion.
Internally, Ripple’s legal team has undergone some changes. After Kylie Chiseul Kim’s departure in May, Clayton J. Masterman, another key figure, has also decided to leave the case. The SEC’s lawsuit against Ripple, which began in December 2020, revolves around the classification of XRP as a security, subjecting its sale to strict regulatory standards. However, Ripple maintains that XRP is a currency, not a security, and falls outside the SEC’s jurisdiction.
The delay in the final verdict of the lawsuit has tested the patience of the XRP community. CryptoBull, a prominent cryptocurrency analyst, expressed disappointment, stating that the prolonged judgment period erodes trust in the US justice system. Former SEC director Marc Fagel reminded everyone that a typical federal summary judgment takes around six months, and given the complexity of Ripple’s case, a more thorough investigation might be necessary.
Despite the legal drama, the financial performance of XRP has remained relatively stable. As of June 26, it was trading at $0.48, with minor fluctuations observed throughout the week.
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