Ripple’s recent court triumph has failed to resolve the ongoing debate surrounding the classification of XRP as a security. The potential for an appeal from the Securities and Exchange Commission (SEC) looms over the future of XRP, with significant implications.
In light of the recent update from the Crypto News Flash (CNF), Fred Rispoli has raised concerns regarding the inconsistent regulations surrounding the legal status of XRP. Rispoli suggests that while XRP might be considered a security in California, the same may not hold true in New York.
Although Judge Phyllis Hamilton dismissed several claims against Ripple in the Zakinov lawsuit, including allegations of securities law violations, the question of whether XRP is a security remains unresolved. However, a trial will proceed to address allegations of misleading statements made under California state law regarding the offer or sale of securities. This claim centers around a statement made by Ripple CEO Brad Garlinghouse in 2017, where he expressed his strong belief and support for XRP.
The court rulings and their implications have been notable. U.S. courts have dismissed claims that Ripple violated U.S. securities laws, in contrast to a ruling in New York that found Ripple to be in violation. In July 2023, Judge Analisa Torres ruled that Ripple had indeed violated U.S. securities laws through the sale of XRP to institutional investors. Currently, both Ripple and the SEC are awaiting a court decision on the penalty that Ripple will have to pay.
The potential for an appeal from the SEC and its impact on the market was referenced by Judge Phyllis Hamilton in her court order regarding the Programmatic Sales of XRP. If Ripple loses the case regarding the third prong of the Howey test, the SEC may find grounds to appeal the ruling on Programmatic Sales. In July 2023, Judge Torres also ruled that the programmatic sales of XRP did not meet the requirements of the Howey test.
Ripple’s recent court victory has left many uncertainties surrounding the future of XRP. The outcome of a potential SEC appeal could significantly alter the outlook for XRP. Currently, according to CoinMarket Cap, the price of XRP stands at $0.4773, with a 2.13% decrease in the past day and a 1.72% decrease in the past week. For more information, visit CoinMarket Cap.
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