Altcoins News
By Pankaj K
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The long-standing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has taken a crucial turn, with the company’s Chief Legal Officer (CLO) Stuart…
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Ripple, the company behind the popular cryptocurrency XRP, had been in a legal tussle with the SEC since late 2020 over whether XRP should be classified as a security.
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Despite the ruling, the SEC decided to appeal, hoping to secure a larger penalty. But this appeal has now been dropped, a move that led many to believe the battle was over.
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In his latest update, Ripple’s CLO Stuart Alderoty clarified the situation. He explained that Ripple had agreed to drop its cross-appeal, a decision that significantly impacted…
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This move effectively ends the legal dispute in favor of Ripple, with the company now free from the looming threat of further penalties or obligations.
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Although Ripple’s declaration last week caused a brief surge in XRP’s value, with the cryptocurrency jumping from $2.3 to $2.
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It is important to note that this resolution is still subject to a vote by the SEC commissioners.
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The case has been pivotal in shaping the regulatory landscape for cryptocurrencies, and Ripple’s victory could have far-reaching implications for the broader digital asset…
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In conclusion, while the SEC's decision to drop its appeal and the reduced penalty signify a victorious outcome for Ripple, the cryptocurrency market remains cautious.
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