Ripple CEO Brad Garlinghouse is unwavering in his determination to contest the SEC’s position on XRP all the way to the Supreme Court. The legal battles surrounding cryptocurrency regulations are escalating, and the outcome could have significant implications for asset classification and industry standards. Ripple’s Chief Legal Officer, Stuart Alderoty, is now urging the U.S. Congress to intervene in the ongoing regulatory challenges, emphasizing the need for legislative support to navigate the complex landscape of cryptocurrency regulations.
Ripple continues to face legal challenges from the SEC, which intends to appeal a ruling from 2023 that stated secondary sales of XRP do not qualify as security offerings. Nonetheless, Garlinghouse remains committed to escalating the fight to the Supreme Court if necessary, as pointed out by Linda Steward, a former SEC litigator, during a recent discussion at Columbia Business School. For a detailed discussion, you can watch CNF’s YouTube video.
Recent judicial rulings, such as the Govil decision from the Second Circuit Court of Appeals, suggest a regulatory environment that may be favoring Ripple. These rulings imply that the SEC may not seek disgorgement if the buyer hasn’t suffered any financial loss, which strengthens Ripple’s legal position.
In addition to these developments, a former SEC litigator predicts that the Ripple vs. SEC showdown could potentially reach the Supreme Court. Despite the ongoing debate surrounding asset classification, Ripple remains resolute in its stance. The legal battles within the crypto world are heating up, and this former SEC litigator believes that it could culminate in a Supreme Court verdict.
Amidst these challenges, significant regulatory changes are on the horizon. Starting from May 22nd, the SEC plans to dramatically increase transaction fees for public companies, raising them from $8 to $27.80 per $1 million in transactions. This fee hike is a result of a budget shortfall within the SEC and underscores the financial strain on the regulatory body as it strives to stabilize its funding.
The ongoing legal uncertainties have had an impact on Ripple’s market performance. At present, Ripple (XRP) is trading at $0.4963, reflecting a slight decrease of 0.052% over the past day and a substantial drop of 19.77% over the past week, as shown on Coin Market Cap.
Ripple’s readiness to take their legal challenges to the Supreme Court, coupled with their call for Congressional support, underscores the intense regulatory scrutiny that the cryptocurrency industry is facing. The outcomes of these legal battles will undoubtedly shape the future regulation and classification of digital assets, affecting stakeholders across the entire crypto ecosystem.