The SEC’s recent decision to excise the Ripple lawsuit from its website has set the crypto world ablaze with speculation. A legal saga that has sculpted the crypto industry, its sudden disappearance is as perplexing as it is intriguing. Some revel in this unexpected turn, while others ponder the potential regulatory ripples that may redefine digital assets, such as our beloved XRP.
XRP ($3.07) basks in a 1.9% volatility, boasting a market cap of $176.58 B and a 24h volume of $8.40 B. But, the SEC’s mysterious maneuver has introduced a fresh layer of uncertainty, leaving many to wonder: is this a strategic retreat or a mere administrative update? Only time will tell how this will impact Ripple and the broader crypto landscape.
Ripple Lawsuit: A Recap and the SEC’s Enigmatic Disappearing Act
The Ripple Lawsuit unfurled in December 2020 when the SEC accused Ripple of raising over $1.3 billion through XRP sales, labeling the token an unregistered security. Ripple retaliated, arguing that XRP is a digital currency, not subject to securities laws. The lawsuit rapidly evolved into a landmark case, shaping U.S. crypto regulation and igniting debates about digital asset classification.
As the Trump administration drew to a close, market sentiment shifted, fueling optimism. XRP soared over 400%, and many hoped the lawsuit would be abandoned under new leadership. However, despite Ripple’s partial victory in late 2024, the case persists, with the SEC recently filing an appeal to reverse key aspects of the ruling in Ripple’s favor.
Amid this ongoing struggle, social media sleuths observed that the SEC had covertly expunged the Ripple Lawsuit reference from its “Litigation Releases” section, while other cases remained. However, the Ripple case can still be found on the SEC’s website under different categories, such as “Award Claim.”
Ripple Lawsuit: PACER’s Perspective Contradicts the SEC’s Website
Despite its absence from the SEC’s website (“Litigation Releases”), the Ripple Lawsuit remains active on PACER, the federal court records system. This inconsistency implies that the removal does not indicate resolution or dismissal. In fact, on January 23, 2025, Ripple’s legal team requested an extension until April 16 to respond to the SEC’s appeal, now advancing to the Second Circuit Court of Appeals.
The SEC’s appeal challenges the district court’s earlier ruling, which determined that XRP itself is not a security, but Ripple’s direct institutional sales constituted securities transactions. The SEC now seeks to reclassify secondary market sales as securities. Ripple’s CEO, Brad Garlinghouse, criticized the appeal, while Ripple’s Chief Legal Officer, Stuart Alderoty, dismissed the SEC’s arguments as a “failed repetition.”
The $125 million fine imposed on Ripple remains, significantly reduced from the initial $1 billion. Many industry experts believe the lawsuit is nearing its conclusion and will eventually become a relic of the past. So, let us watch this enigmatic saga unfold, sipping our tea with a pinch of humor and a dash of sarcasm.
Read More
- Poll Result: Bagheera, Bhairathi Ranagal or UI? Netizens pick the Best Kannada film released in 2024
- Bitcoin Long-Term Holders Shift to Ethereum, ETH Price ATH Soon?
- Who Is Mandy Moore’s Husband? Taylor Goldsmith’s Job & Relationship History
- What Happened to Richard Perry? ‘You’re So Vain’ Music Producer Passes Away
- W PREDICTION. W cryptocurrency
- Destiny 2 “dangerously” low player count sounds alarm bells game is “dying”
- Sebastian Harrison Confronts LA Fire, Narrowly Escapes Death
- How much is Ajith Kumar’s fee for Adhik Ravichandran’s Good Bad Ugly?
- Arnold Schwarzenegger’s Santa & Alan Ritchson Smile for First Man With The Bag Photo
- Red One Prime Video Release Date Set for Dwayne Johnson Christmas Movie
2025-01-29 01:28