Ripple CEO Brad Garlinghouse has hailed the recent regulatory approval in Singapore as a significant victory for the company. He emphasized Singapore’s commitment to striking a balance between innovation, consumer protection, and responsible growth. This approval comes at a crucial time for Ripple, as it has also made progress in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) over its operations in the United States.
The dispute between Ripple and the SEC dates back to December 2020 when the SEC alleged that Ripple’s distribution of XRP constituted a security. The focus of the case has been on Ripple’s sales to institutional investors. However, in a key ruling, District Judge Analisa Torres dismissed the SEC’s appeal against Ripple. This decision briefly boosted the price of XRP, as reported by TradingView data. Judge Torres’ verdict in July found Ripple guilty of violating securities laws through institutional offerings but not through programmatic sales to retail customers.
Despite this setback, the SEC sought an appeal in August, arguing for a review based on differences in legal interpretations. However, Judge Torres recently dismissed the SEC’s appeal, setting the stage for a trial scheduled for April 2024. The legal battle between Ripple and the SEC has attracted significant attention from industry participants and observers.
Collin Brown, a prominent figure in the industry, took to Twitter to praise Ripple’s victory and highlight its potential in the extensive payments market. These recent developments echo Grayscale’s recent win against the SEC in a Bitcoin ETF application review, indicating a growing resistance within the industry against evolving regulatory frameworks.
It is important to note that this article was generated with the support of AI and has been reviewed by an editor to ensure accuracy and quality. For more information, please refer to our terms and conditions.