Ripple CLO Stuart Alderoty reminds the crypto community that the SEC is not backing down, but many issues remain unresolved. Meanwhile, Ripple CEO Brad Garlinghouse reminisces on the history of XRP and cryptocurrency. Meanwhile, the XRP price is seeing strong bullishness following the latest CME index news.
Ripple CLO celebrates ‘big win’ via SEC
As you have been following on Kriptokoin.com, exactly one year ago today, Judge Torres issued an important ruling stating, among other things, that XRP is not a security. This was a turning point for both Ripple and crypto regulation. To commemorate this date, Ripple’s Chief Legal Officer Stuart Alderoty shared his thoughts on the implications of the ruling.
According to Alderoty, the decision has broader implications given the overall position of the US SEC. For example, Binance’s recent development is another example of the SEC’s “overreach” under Chairman Gary Gensler. However, he notes that resolving the status of tokens on a case-by-case basis through extensive litigation is not a viable long-term solution. Alderoty noted the growing frustration among policymakers from both political parties over the lack of legislative progress on crypto regulations. He warned that the US is lagging behind other countries in this regard.
Ripple CEO celebrates historic XRP decision one year later
Ripple CEO Brad Garlinghouse also commented on the landmark historic XRP ruling in the SEC case. One year ago, a landmark court decision definitively declared that XRP is not a security. Ripple’s CEO recalls this day, “forever etched in XRP and cryptocurrency history: July 13, 2023. It was a great day for Ripple and the entire industry. And for me personally, it was a fundamental memory,” he wrote.
Garlinghouse said Ripple is on the right side of the law and the right side of history, echoing a statement he has often made since the beginning of the case: “As I said when the case began, I knew we were on the right side of the law and I knew we would be on the right side of history.” Garlinghouse also criticized the SEC’s attempt to suppress the cryptocurrency business through “failed lawsuits, misleading rhetoric, slander and intimidation.” In this context, he stated that the SEC’s actions continue to be wrong, “They were wrong then. And they are wrong now,” he said.
Historic decision and price rise for XRP
The court definitively ruled on July 13, 2023 that XRP is not a security in its own right. Shortly after the ruling, several cryptocurrency exchanges such as Coinbase, Kraken and Bitstamp opened XRP for trading on their US platforms. In the process, XRP subsequently gained traction in terms of price and volume. In the latest case, the XRP price rose 16.5% on a daily basis to $0.536658. The token’s trading volume also increased by nearly 34%.
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