Crypto Tank (@Tank2033js), a prominent figure in the XRP community on X, recently commented on the situation surrounding XRP, reassuring the community in the face of uncertainty.
Crypto Tank emphasized that the SEC’s actions have not deterred the adoption of XRP by significant global entities such as BRICS nations and Japan.
He reiterated that these entities are moving forward with XRP regardless of the ongoing legal battle. “The SEC appeal won’t matter. BRICS and Japan are still adopting XRP and they don’t care about the lawsuit one bit,” he stated, reinforcing the view that XRP is central to the emerging financial system.
He also referenced previous statements from Ripple CEO Brad Garlinghouse where he described the digital asset as the heart of the new financial system.
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The Situation Surrounding XRP
The Securities and Exchange Commission (SEC) recently filed a notice of appeal against the final ruling in the Ripple lawsuit, which had determined that sales to retail investors do not constitute securities transactions.
Judge Analisa Torres pronounced the landmark ruling that declared XRP as a non-security asset in July 2023. This was a significant victory for Ripple and the broader cryptocurrency industry. After over a year, she delivered the final ruling, concluding the case and ordering Ripple to pay $125 million for violating securities laws through institutional sales.
However, the SEC’s latest action indicates its intention to challenge specific aspects of the decision. Although the SEC has not specified what rulings it wishes to appeal, most experts and community members believe the regulator will challenge the digital asset’s security status.
The SEC has argued that non-institutional sales should be classified as securities transactions, contrary to Judge Torres’s ruling, which did not find them in violation of securities laws. The regulator initially attempted to file an interlocutory appeal but it was rejected and the community is hopeful that the regulator will face a similar outcome.
What’s Next for XRP?
In response to the SEC’s notice of appeal, XRP’s price experienced a notable decline and is currently trading at $0.5269, much lower than the $0.6647 level it hit on September, 29.
However, Crypto Tank’s comments have reassured some in the community. XRP is a major front-runner for adoption by the BRICS nations, and with its growing influence in Japan and the rest of East Asia, it might have an easier time weathering the storm of the SEC’s appeal.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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