The post Ripple vs SEC Lawsuit Update: XRP’s Non-Security Status Remains Despite Ongoing Appeal appeared first on Coinpedia Fintech News
Ripple’s Chief Legal Officer, Stuart Alderoty, recently reaffirmed that XRP is not a security, a point that continues to stir debate despite a clear court ruling. In July 2023, Judge Analisa Torres ruled that XRP, when traded on secondary markets, is not classified as a security. While the U.S. SEC is appealing certain aspects of the decision, it is not challenging the core ruling on XRP’s status as an asset.
Clearing Up XRP’s Securities Status
To address the confusion, Alderoty took to X and shared a lighthearted humor. He posted an image of a Taylor Swift concert ticket, comparing it to XRP. Just as reselling the concert ticket doesn’t make it secure, Alderoty emphasized that trading XRP doesn’t automatically place it under securities law. His analogy highlights that not all traded assets fall into the securities category.
Moreover, Ripple is now preparing its response by filing Form C, as required. The SEC’s appeal focuses on allegations against Ripple executives Brad Garlinghouse and Chris Larsen for their involvement in XRP sales, seeking a ‘de novo’ trial. Having said that Ripple vs SEC, which could extend until 2025, follows a partial victory for Ripple in 2020, where XRP was deemed not a security when sold on exchanges
And It May Go On….
As the legal fight between Ripple and the SEC drags on, Ripple plans to submit its response to the SEC’s latest appeal. Although the SEC isn’t disputing XRP’s non-security status, the ongoing lawsuit keeps XRP’s price growth in question.
Currently, XRP trades at $0.5469, reflecting a slight drop of 0.6% as the case developments add more uncertainty to its future trajectory.
XRP Price is Gaining Momentum
Overall, the SEC’s decision not to appeal to XRP’s security status has sparked optimism in the market. Analyst Egrag Crypto believes XRP could rise to $1.50 soon, although it’s currently priced at $0.55. Despite an 11% drop in trading volume over the last day, XRP purchases in the futures market are increasing, with open positions growing over 2% to reach $770 million.