Renowned UK newspaper The Times recently published an article discussing the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple. The article, titled ‘Judging Crypto’s True Value,’ delved into the impact of the U.S. election on the value of XRP and highlighted the close connection between XRP’s fate and the legal dispute between the SEC and Ripple.
The publication provided a detailed overview of the lawsuit, outlining how it originated with the SEC accusing Ripple of violating securities laws by issuing XRP without regulatory approval. The article highlighted the summary judgment issued last year, which led to the SEC seeking $2 million in penalties from Ripple in March 2024. However, Judge Analisa Torres imposed a significant $125 million fine against Ripple in August, as reported by The Times.
The focus of the lawsuit, according to the newspaper, revolves around the regulatory classification of XRP, particularly whether it should be considered a security. The article referenced the opinions of crypto enthusiasts who view the lawsuit as part of the SEC’s broader crackdown on crypto assets under the leadership of Gary Gensler. Notably, The Times mentioned U.S. President-elect Donald Trump’s selection of pro-crypto advocate Paul Atkins as Gensler’s successor.
The article also highlighted XRP’s remarkable performance following Trump’s reelection, with its value quadrupling and securing the fourth position in the global crypto ranking. XRP’s price surged from approximately $0.55 to $2.86 within a month, representing a significant 420% increase. This surge reflected optimism about favorable regulatory changes under Trump’s administration.
Regarding the current status of the Ripple lawsuit, the SEC officially filed an appeal in the U.S. Court of Appeals for the Second Circuit in October. The SEC aims to challenge Judge Torres’ ruling on the non-securities classification of programmatic sales and other XRP distributions. The SEC is set to submit its appellate brief by January 15, 2025, shortly before Trump’s inauguration.
Legal experts speculate that the new SEC leadership could potentially dismiss the lawsuit or opt for a settlement with Ripple. Attorney Fred Rispoli suggested that the SEC under Atkins’ leadership might agree to a lesser fine than the $125 million penalty imposed by Judge Torres. The resolution of the Ripple lawsuit through a settlement remains uncertain.
As of the latest update, XRP is trading at $2.07, reflecting a 5.35% decline in 24 hours. The evolving legal landscape surrounding XRP and Ripple continues to captivate the crypto community and investors alike.
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