NewsletterCrypto Industry Still Weighing On XRP Lawsuit Ruling, Suggests Ripple Attorney
XRP Lawsuit News: A massive decline in the digital asset industry due to the recent debacle of Sam Bankman-Fried’s FTX crypto exchange has fired up the urgent need for legit regulations. However, amid this heated debate, experts are looking over the outcome of the US SEC Vs Ripple lawsuit for the much need clarity.
Why XRP lawsuit is crucial for crypto?
Stuart Alderoty, Ripple’s General Counsel asserted his view on how important the ruling in the XRP lawsuit is for the crypto industry. He stated that no matter how one could dissect it but the experts are admitting the importance of the XRP lawsuit.
He added that the outcome of the Ripple case will most likely have a major effect on the digital assets future in the US. However, Gary Gensler, SEC chair has stood his position and wants the commission to completely look over the digital asset industry. Meanwhile, summary judgment in the XRP lawsuit is expected in the first half of 2023. Read More XRP lawsuit News Here….
As per reports, Joseph Hall, a former executive at SEC commented that the recent crypto market debacle could influence the court’s view. He added that the US watchdog will strive to make it clear that if the judge rules it the other way then they won’t have the tools to counter FTX kinds of events in the future.
SEC’s major problem
In the crucial lawsuit, SEC brought up an argument claiming that Ripple is a common enterprise. While this assertion has again become a major problem for the commission. However, the defendants have stated that the XRP doesn’t meet the security test as sales were done in the secondary market. It adds that there was no such pooling of profits.
However, Ripple General Counsel stated that Selling an asset on a secondary market is similar to a commodity. These assets should be regulated same manner.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- First Hyperliquid ETF Launch ‘Imminent’ as Bitwise Files Amended S-1 With SEC
- XRP News: Ripple’s RLUSD Eyes Wider Adoption as Stablecoin Expands to Coinbase’s L2 Base
- Breaking: Michael Saylor’s Strategy Buys 10,645 Bitcoin as Crypto Market Braces for Japan Rate Hike
- Breaking: Institutional Tokenization on Ethereum Expands as JPMorgan Launches Onchain Fund
- World’s Highest IQ Holder Projects $100 XRP in 5 Years, What Does He Know?
- Is Ethereum Price Set for a Rebound as a Prominent Whale Accumulates $119M After the Dip?
- XRP Spot ETF Records Nearly $1B Inflows While BTC and ETH Bleed- Is A XRP Price Reversal Ahead?
- Bitwise SOL ETF Records 33 Days of Nonstop Inflows- Is A Recovery to $150 Possible?
- Will Bittensor Price Break Above $400 After First TAO Halving Tomorrow?
- Expert Predicts Bitcoin Price Crash to $75k as ETF Inflows Fall, Treasury Companies Plunge 83%
- HYPE Price Jumps 8% as Open Interest Hits $1.61B — Is $50 Next?
