Ripple, a cryptocurrency firm, has recently won a significant legal battle against the United States Securities and Exchange Commission (SEC). This ruling, which claimed that XRP sales on crypto exchanges do not constitute securities sales, has been met with widespread celebration both within the firm and the broader crypto community.
John E. Deaton, a legal expert, speculated on the possible implications of a SEC victory. He described this as an “anti-crypto army”, lead by SEC Chief Gary Gensler and Democrat Senator Elizabeth Warren, who have both been vocal in their criticism of the crypto industry. Deaton argued that such a regulatory force would have been devastating for the crypto industry, and that labeling the Ripple XRP case as the “most significant non-fraud SEC enforcement action in modern history” was entirely appropriate.
Deaton also noted that a victory for the SEC would have been a major setback to their ambitions to control the entire asset class. This forced them to reevaluate their approach to regulating the crypto industry.
Following the legal victory, XRP, the focal point of the case, experienced some fluctuations in its value. As of the latest report, XRP was trading at $0.70, showing a slight decline of 1.21% in the past 24 hours and 2.02% over the last week. Despite the recent dip, XRP is still trading almost 50% higher than it was a month ago, indicating the market still has optimism in the asset.
