Ripple President Makes Big Statement On Ripple Vs SEC Lawsuit

Ripple President Makes Big Statement On Ripple Vs SEC Lawsuit

Ripple president Monica Long said the company plans to fight “all the way” against the U.S. Securities and Exchange Commission (SEC) in the lawsuit. While Ripple is not alone, crypto companies such as Binance and Coinbase are fighting against regulation by enforcement approach, seeking regulatory clarity and guidelines regarding crypto.

Ripple Plans to Continue Fight Against the SEC

Monica Long, president of Ripple, in an interview with CNBC, revealed that the company plans to continue the fight against the U.S. Securities and Exchange Commission (SEC). “We are planning to continue to fight the case all the way through,” said Long.

The U.S. SEC v. Ripple Labs lawsuit has stretched for nearly three years after outgoing SEC Chair Jay Clayton decided to go ahead with the complaint, as well as pulling CEO Brad Garlinghouse and co-founder Chris Larsen in the case.

Judge Torres handed Ripple Labs and its executives a partial win in the lawsuit, stating that programmatic sales of XRP are not a security, but institutional sales are investment contracts. In fact, XRP in itself is not a security.

The SEC seeks an interlocutory appeal on the ruling, saying that the Howey test for securities proves it otherwise. Meanwhile, federal judges have called the SEC’s approach arbitrary, capricious, and hypocritical.

In addition, Monica Long asserted that the ruling helped bring some clarity to the crypto industry and making Ripple expand its business globally. Ripple will continue to prove the SEC’s hypocrisy as it prepares for trial in 2024.

“We also got clarity in that lawsuit. And the judge’s order in that case said very clearly XRP in and of itself is not a security, which kind of opens the doors to us to really expand our business — not just in the U.S. but even more globally.”

Ripple continues to expand XRPL and XRP use cases in cross-border transactions. It’s also used by some countries for its CBDC study and research.

Read More: Ripple Is Now Hiring 80% Of Its Staff Outside the US, Is SEC to Blame?

XRP Falls Below Support

XRP fell below the key support level of $0.50 amid selloffs due to uncertainty in the crypto market. It is down 6% in a week.

XRP price jumped 1% in the past 24 hours, but losing its earlier gains. The price trades at $0.47, with a 24-hour low and high of $0.471 and $0.484, respectively. CoinGape Media earlier reported a possible fall to $.42.

Also Read: Binance.US Cuts Down Staff By 100 Positions Amid SEC Crackdown

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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