Ripple’s Legal Triumphs Propel Battle Against SEC’s $770 Million Demand

"Ripple Gains Momentum as XRP Relisting and Legal Victories Propel Price Surge"

Ripple, the blockchain-based payment protocol, has decided to postpone its initial public offering (IPO) until the company resolves its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). This decision comes on the heels of three consecutive legal victories for Ripple, which have bolstered its position in the case.

On July 13, Judge Sarah Netburn delivered a pivotal ruling stating that XRP, Ripple’s native cryptocurrency, does not qualify as a security. This ruling was a significant win for Ripple, as it led to XRP being relisted on cryptocurrency exchanges. As a result, the price of XRP surged past $0.80, marking a major milestone for the company.

In addition to Judge Netburn’s ruling, Ripple also scored two other victories in court. The judge rejected the SEC’s interlocutory appeal request, which sought to challenge her decision on the securities classification of XRP. Furthermore, she dismissed the charges against Ripple executives Brad Garlinghouse and Chris Larsen, who were accused of conducting an unregistered securities offering.

Brad Garlinghouse, the CEO of Ripple, criticized the SEC for its repetitive and inconsistent regulatory actions. He drew parallels with Grayscale’s Bitcoin ETF victory to underscore his point. Garlinghouse accused the SEC of deviating from its core mission of protecting investors and expressed his approval of Judge Netburn’s focus on investor protection and adherence to securities laws for institutional investors.

Looking ahead, Garlinghouse outlined several factors that he believes will drive growth within the cryptocurrency industry. He emphasized the importance of regulatory clarity, utility, and scalability in addressing large-scale problems. Garlinghouse also suggested that macroeconomic influences would continue to shape the trajectory of the industry.

Despite the ongoing legal challenges, Ripple’s legal milestones and the broader trends in the industry have had a positive impact on the market. XRP is currently trading at $0.65, reflecting a significant 32% increase over the past month and an impressive 85% rise over the past year. This indicates that investors have maintained confidence in Ripple amidst the regulatory uncertainties.

Ripple’s decision to postpone its IPO demonstrates its commitment to resolving the legal issues it faces with the SEC before proceeding with its public offering. The company believes that a favorable resolution of the case will provide greater clarity and stability for its future operations.

In conclusion, Ripple’s legal victories and the positive market response reflect the growing confidence in the company’s ability to navigate the regulatory landscape. The outcome of the ongoing legal battle with the SEC will likely have significant implications for the cryptocurrency industry as a whole, shaping the future of digital asset regulation.

Note: This article was generated with the support of AI and reviewed by an editor. For more information, see our Terms and Conditions.

Martin Reid

Martin Reid

Leave a Replay

Scroll to Top