Ripple, the company behind XRP cryptocurrency, has been embroiled in a long running legal saga with the US SEC (Securities and Exchange Commission). It all started in December last year when the SEC accused Ripple company, alongside its two senior executives, of raising $1.3 billion through an assets securities offering. The case had devastating effects on the value of XRP as exchanges delisted the cryptocurrency. But after a series of minor legal victories and bullish comments from Ripple executives, the path seems clear for the company to keep their legal struggles behind them.

Ripple CEO Brad Garlinghouse expressed frustration that the US regulatory framework is relatively opaque compared to other progressive nations he heaped praise on such as Japan, UK, Singapore and Switzerland. “I give credit to markets like Singapore and even parts of Korea where there really has been a thoughtful government-led effort to define and have clear regulatory frameworks around cryptocurrencies”.

At the core of the legal turmoil is XRP being defined as a security by the US SEC, which considers it to be under its umbrella of regulation. Ripple, however, sees XRP as a currency designed to facilitate efficient local and international payments. In a statement that could be considered bullish for their legal prospects, Garlinghouse termed the current legal engagement as a ‘discussion’ with the SEC on the correct classification of the XRP token. “The SEC has said… XRP is a security. And so we’re now engaged in a court discussion. So far, I feel good about how that’s been going, but it’s certainly frustrating.”

The frustrations are rightly justified. In the UK for instance, XRP and other cryptocurrencies are regarded as ‘exchange tokens’, which are essentially crypto assets that can be used as a medium of exchange. Japan also considers XRP a cryptocurrency, as does Singapore and Switzerland.

Garlinghouse has highlighted its legal issues in the US as an example of why there should be a clear regulatory framework in place. He also urged the industry to focus on innovation to solve real-life issues and not become distracted by underlying regulatory issues. “I think at the end of the day the industry should focus on utility, and are these technologies solving real problems for real customers”.

XRP continues to remain resilient above $1.6. The cryptocurrency has already appreciated over 650% this year and it can only get better if it manages to put its legal challenges behind it.