The legal saga between Ripple and the U.S. Securities and Exchange Commission (SEC) continues to have far-reaching implications for Ripple and the broader crypto community. John Deaton made a bold statement on the case that there would be no settlement or an IPO announcement at Ripple Proper Party.
Since the SEC decided to take Ripple Labs to court nearly three years ago, the case has seen numerous twists and turns. Judge Analisa Torres recently ruled in favor of Ripple on certain counts, stating that some types of XRP sales do not constitute unregistered securities. However, the SEC has decided to appeal. The recent surge in XRP prices post the partial court victory indicates how pivotal this case is, not just for Ripple but also for the crypto industry at large.
Ripple Will Continue its Fight
Ripple President Monica Long, in a CNBC interview, made it clear that Ripple would continue its fight against the SEC, stating, “We are planning to continue to fight the case all the way through.” She emphasized that the recent court ruling provided the regulatory clarity needed for Ripple to expand its operations globally.
It’s not just Ripple fighting for clearer regulations; other crypto heavyweights like Binance and Coinbase are also struggling against the SEC’s regulation-by-enforcement strategy. Ripple CEO Brad Garlinghouse’s recent revelation that 80% of new hires will be outside the U.S. points toward a strategic global expansion, further distancing Ripple from the constraints of U.S. regulation.
With a trial scheduled for 2024, Ripple aims to expose what it calls the SEC’s “hypocrisy” in its regulatory approach. Federal judges have already called the SEC’s methods “arbitrary, capricious, and hypocritical,” casting doubt on the regulatory body’s stance in this landmark case.
As Ripple gears up for the ongoing battle, one thing is clear, what the U.S. needs is regulatory clarity and not litigations