Home Altcoins News XRP News: Legal Experts Criticize Ripple’s Settlement with the SEC

XRP News: Legal Experts Criticize Ripple’s Settlement with the SEC

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The ongoing saga between Ripple and the U.S. Securities and Exchange Commission (SEC) continues to capture attention, particularly after the company’s recent settlement with the regulatory agency. Legal experts are now voicing their concerns, claiming that Ripple executives, including CEO Brad Garling house and executive chairman Chris Larsen, have potentially missed a significant opportunity to mount a comprehensive defense against the SEC’s charges.

Legal Criticism of Ripple’s Decision

Prominent attorney Fred Rispoli has publicly criticized Ripple’s leadership for opting to settle part of the SEC’s claims instead of contesting all of them in court. Rispoli believes that Ripple had a robust case and could have successfully defended itself, especially against the “aiding and abetting” allegations. He argues that a full trial might have favored Ripple, considering the SEC lacked sufficient solid evidence to substantiate its claims.

According to Rispoli, going to trial would have allowed Ripple to call key witnesses, including former SEC chairman Jay Clayton. Such testimonies could have shed light on the regulatory perspective towards cryptocurrencies like XRP and potentially strengthened Ripple’s defense.

Ripple’s Legal Strategy Moving Forward

Despite the settlement, Ripple is not backing down completely. The company has filed a cross-appeal to challenge specific aspects of a 2023 court ruling. While the judge determined that XRP sales to retail investors do not qualify as securities, the SEC continues to contest certain elements, particularly concerning institutional sales.

Ripple’s legal chief, Stuart Alderoty, has expressed confidence in their position, asserting that their case looks even stronger now. This optimism keeps XRP in a favorable market position, free from immediate regulatory threats and allowing investors to maintain hope for a bright future.

SEC’s Appeal and Deadline Controversies

There has been some controversy surrounding the SEC’s appeal process, particularly regarding its submission deadline. Some observers noted that the SEC filed its brief a day late. However, the agency has maintained that it complied with the deadline. Importantly, the SEC’s appeal does not challenge the court’s determination that XRP is not a security when sold to retail investors, leaving that portion of the ruling intact.

Market Reaction and Future Outlook for XRP

As of Friday, XRP was trading at approximately $0.55, reflecting a modest gain of less than 1%. Traders are closely monitoring the SEC’s appeal in the Ripple case, which, crucially, does not dispute XRP’s status as a non-security. This legal clarity is viewed as positive news for XRP, raising hopes that it could lead to the approval of an XRP exchange-traded fund (ETF) in the U.S.

Technical analysis suggests that XRP could see an increase of around 10%, with a target price of $0.60. If prices were to drop, support levels could be found at $0.5319 or $0.3843.

Conclusion: A Fork in the Road for XRP?

The recent developments surrounding Ripple’s settlement with the SEC have left many in the cryptocurrency community questioning whether this represents a significant obstacle for XRP’s price. While legal experts criticize the missed opportunities for a full defense, the continuing optimism from Ripple’s leadership suggests that the company is strategically maneuvering to secure its future.

As XRP trades at a pivotal moment, investors and analysts alike will be watching closely to see how these legal battles unfold and what implications they may have for the cryptocurrency market as a whole. Will the ongoing legal complexities hinder XRP’s potential, or can it overcome these challenges to achieve new heights? Only time will tell, but the future remains uncertain yet hopeful for this cryptocurrency.

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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