MEXCJust In: XRP Lawyer Explains SEC’s Flaw Over Ripple Payments
XRP News: Ripple’s (XRP) On Demand Liquidity service has long been a subject of debate around the U.S. Securities and Exchange Commission (SEC) lawsuit. In the last few years, Ripple had been involving XRP only in the cross border payments space, which is argued to be not amounting to sale as an investment but used as a payments tool. While the XRP crypto community waits for the summary judgement in the SEC case, the debate around Ripple’s chances of winning are intensifying. On the other side, the SEC ramped up its crackdown on crypto players, in what could continue in the weeks to come.
Also Read: New AI Product Sparks Optimism For Hedera; Is HBAR Price Eyeing $1?
Another change is likely to come into the picture as the SEC recently recommended stricter rules for businesses that secure assets for fund managers. This will include custody of crypto assets, making it tougher to operate in the US.
XRP Cross Border Payments As ‘Underwritings’
Attorney John Deaton, who represents the XRP holders, reiterated that the SEC’s argument on XRP’s credentials in the On Demand Liquidity service is flawed. Responding to this mention in the SEC’s Daubert motion, Deaton found fault with calling XRP holders as ‘underwriters’. The SEC’s motion said the users of XRP on demand liquidity service were acting as underwriters as they immediately resold XRP into public markets. The Attorney reacted saying,
“This underwriter issue is what many fail to recognize and why I sued SEC.”
Also Read: The Graph ($GRT): Bulls Still At Play Behind AI Token, Data Suggests
As of writing, XRP price stands at $0.393077, up 0.51% in the last 24 hours, according to CoinGape price tracker.
- Will Crypto Market Rebound or Crash Ahead as 10X Research Tips Shorting Ethereum?
- Sam Bankman-Fried Says FTX Was “Never Bankrupt,” Crypto Community Reacts
- XRP ETF Coming This November 13 As Canary Capital Submits Updated S-1 By Removing Roadblocks
- Canary XRP ETF Filing Removes SEC Delay Clause, Targets November Launch
- CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
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.
