The Ripple case attracted attention from industry observers and legal experts. In particular, it generated a lot of comments about the potential outcome. Contrary to the assumptions of many, the ongoing XRP lawsuit between blockchain firm Ripple Labs Inc and the United States Securities and Exchange Commission (SEC) seems not to be over yet, with the final decision on the status of XRP tokens. Here are the details…
XRP lawyer made a statement
XRP holders’ lawyer, John Deaton, refuted the basic assumption about the Ripple-SEC case, which he believed was false. In response to the interview shared by a Twitter account, the direction of the main decisions to go to the hearing emerged. Deaton said that the Summary Resolution declaring that XRP is not an investment contract will not go to trial, to rectify existing misconceptions surrounding which elements of the case will likely go to trial.
Wrong again. Ripple was granted summary judgment on programmatic sales (on exchanges). There won’t be a trial on that issue. The trial is just on whether the two executives aided and abetted Ripple related to Institutional sales only. https://t.co/xYpfBOqhSi
— John E Deaton (@JohnEDeaton1) July 15, 2023
Deaton made a statement to clarify the matter. He only pointed to the situation of Ripple founder Chris Larsen and current CEO Brad Garlinghouse. He stressed that the allegations about whether these individuals “aided and abetted Ripple in relation to corporate sales” were what would be resolved if the case moved to trial. As such, he pointed out that XRP is not strictly a security enough to be relisted on crypto exchanges. So, time will still tell the legal status of XRP.
Many point to the importance of the rest of the case. He fears that the lawsuit could have a significant impact on the XRP and Ripple community in the long run. On the other hand, the clarity that XRP is not a security in itself is critical. It has the potential to help provide the consolation investors need. As we reported on Kriptokoin.com, the SEC had announced a number of altcoins as investment contracts, including Cardano (ADA), Solana (SOL), Polygon (MATIC), and The Sandbox (SAND). As such, there are a lot of stakes in the ongoing XRP litigation.
Ripple may still be at a loss
Charles Gasparino, senior media and Fox Business Network Senior Correspondent, drew attention on Twitter. He sent a message to members of the Ripple community, which he referred to as “XRP pumpers.” He acknowledged that he congratulated the positive decision in the Summary Resolution (SJ), which detailed that XRP is not an investment security. However, he noted that Ripple will likely have to pay fines for the lost part of the case. Gasparino stated that he has spoken to numerous securities lawyers regarding the XRP case. He said he didn’t believe any of these attorneys believed the portion of the company’s earnings would go to appeal.
Hate to break it to the XRP pumpers: @Ripple will be paying money on the part of the case it lost; plus there isn’t a securities lawyer I’ve interviewed who thinks the part they won stands on appeal. https://t.co/uzLDDZ1IF1
— Charles Gasparino (@CGasparino) July 15, 2023
He made this statement in response to growing speculation that the United States Securities and Exchange Commission (SEC) may choose to appeal the decision of Judge Analisa Torres in the future. The XRP lawsuit has far-reaching impact, with the potential to set a precedent for other enforcement actions the SEC may choose to implement in the crypto ecosystem in the near term. Since SJ’s announcement, the industry has been acting like the lawsuit is over, with top exchanges like Coinbase Global Inc, Kraken, and Gemini relisting the XRP coin for trading on their platforms.
Over the past week, XRP has recorded impressive price gains amid the positive sentiment that followed the summary verdict. Cryptocurrency growth has declined, and despite this cooling, it has stood out with a 58 percent growth rate. Thus, it continued to be the best performing altcoin last week. XRP is currently recording a 52-week high of $0.8875. It is changing hands between this level and $0.7466. It is noteworthy that XRP is poised to show more volatility in the coming months.
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