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Crypto News: Judge Analisa Torres had on Thursday put an end to the uncertainty around whether or not XRP is a security. The XRP Vs SEC lawsuit could well be the watershed moment for the crypto market that paves way for regulatory clarity in the United States.
However, legal experts warn that not all is over yet for XRP holders and Ripple, especially in terms of the U.S. Securities and Exchange Commission’s (SEC) legal options after the Judge ruled against it.
Also Read: Crypto Market Bullish Over XRP Lawsuit Ruling, Altcoin Rally Imminent?
Meanwhile, the lawsuit ruling appears to have set the tone for what could be a long and rewarding bull run, with the global crypto market cap rising by 5.5% over the last 24 hours so far. Several altcoins have picked up momentum, as the XRP price alone rose by around 75%, catapulting it to the top four rank by market cap.
Challenges Ahead For Ripple, XRP After Ruling
Earlier, Judge Torres ruled that XRP is not a security, backing it up with the statement that the sale of the token does not amount to an investment contract. This led to the resurgence of the call for relisting of XRP on US based exchanges like Coinbase.
Bill Hughes, a lawyer at Consensys, said he would be shocked if the SEC doesn’t immediately appeal this to the Second Circuit, saying that Ripple selling XRP directly amounted to it being an investment contract. “A jury will be needed to decide whether Ripple execs aided and abetted this unregistered issuance.”
Similarly, Bryan Jacoutot, a US attorney, warned that there is premise around which the US SEC can approach the court for appeal in the lawsuit. XRP buyers did not have knowledge of who was selling them the token, leaving out the expectation that it was going to fund the enterprise. However, the SEC can argue whether the buyers can expect profits from the efforts of the third party.
Also Read: US FTC Probing ChatGPT Over False Information
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