- Brad Garlinghouse is still committed to fighting the SEC on XRP at the Supreme Court.
- As the legal fights about cryptocurrency regulation intensify, there are potential consequences for asset classification and industry standards.
Recent updates on CNF Ripple’s Chief Legal Officer, Stuart Alderoty, has called for U.S. Congress intervention amid the ongoing regulatory challenges. He asks Congress not to fund the SEC.
SEC Legal Warfare Continues
Ripple Faces ongoing legal challenges from the SEC, who plans to appeal a ruling from 2023 that secondary sales are not security offerings. Ripple’s Brad Garlinghouse is still committed to taking the case to the Supreme Court, if needed. Linda Steward, an ex-SEC litigator and former Columbia Business School professor, highlighted this during a discussion held at the school. CNF has a YouTube video that explains the discussion in detail.
Recent judicial rulings like the Second Circuit Court of Appeals Govil case suggest a shift in regulatory climate potentially favorable to Ripple. The SEC may not be able to claim disgorgement in the absence of a certain amount. financial Ripple gains legal strength by reducing the loss for the buyer.
My tweets of today also bring up the rising legal tensions. A former SEC litigator has predicted that Ripple’s showdown with the SEC could even reach the Supreme Court. Ripple is committed to its mission despite the debate about asset classification.
Legal battles in the crypto world heating up 🔥 Former SEC litigator predicts Ripple vs. SEC showdown at Supreme Court 🏛️ Despite ongoing debate over asset classification, Ripple remains committed 💪 #Crypto #Ripple #SEC #SupremeCourt pic.twitter.com/N56duafV6h
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 18, 2024
Financial and Regulatory Impact
In the face of these challenges, significant regulatory changes are on their way. Eleanor Terrett reported on Fox Business that, as of May 22, the SEC would increase fees from $8 per $1,000,000 in transactions to $27.80. A budget shortfall at the SEC has forced the SEC to increase its transaction fees. financial As the regulator tries to stabilise its funding, it is under pressure.
Ripple’s Market Reaction
Ripple’s stock performance has suffered from the legal uncertainty. Coin Market Cap shows that Ripple’s (XRP), currently at, is trading for $0.4963This marks a small decrease in 0.052% The past 24 hours have seen a considerable increase in the number of people using public transport. 19.77% Dropped over the last week
Ripple’s readiness Their decision to appeal to the Supreme Court along with their request for Congressional assistance highlights the high level of regulatory scrutiny that the cryptocurrency industry faces. It is likely that the outcomes of these court battles will influence future regulations and classifications for digital assets, which affects stakeholders in the crypto-ecosystem.
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Source: www.crypto-news-flash.com