Ripple CEO Brad Garlinghouse recently made a statement with a photo taken outside the headquarters of the U.S. Securities and Exchange Commission (SEC).
The photo, featuring Garlinghouse and Ripple General Counsel Stuart Alderoty shrugging, quickly gained attention and went viral on X, garnering nearly 9,000 likes and over half a million views within a few hours.
— Brad Garlinghouse (@bgarlinghouse) September 19, 2023
A History of Tension: Protests and Seeking Clarity
This photo is significant due to the ongoing tension between Ripple and the SEC. The battle between Ripple and the regulator revolves around the classification of XRP.
In 2019, the XRP Army staged a protest outside the SEC’s headquarters, holding up signs expressing their dissatisfaction with what they perceive as the regulator’s antagonism towards cryptocurrencies. Back then, the protesters demanded an end to the supposed “war on cryptocurrency,” calling for fairness and understanding.
Ripple’s Partial Victory and SEC’s Appeal
During the summer, XRP witnessed a significant price surge following a partial court victory that classified XRP as a non-security asset. A U.S. District Court Judge ruled that Ripple’s XRP sales on exchanges did not constitute investment contracts, thereby not violating federal securities laws. This favorable outcome led to a wave of relistings of XRP on multiple exchanges, followed by a notable price ascent.
However, despite the initial spike, XRP has since experienced a decline and lost those gains. CoinGecko data reveals that XRP currently trades at $0.519, after recently dipping below the $0.50 level.
The Divided Opinions of Legal Experts
Legal experts remain divided on the matter, with varying interpretations of the court’s decision. Some experts view the judge’s ruling as a significant step toward regulatory clarity for digital assets, bringing hope to Ripple and the broader crypto industry.
However, others argue that the ruling falls short of providing a final resolution and believe that further action may be necessary to establish a comprehensive legal framework.
In conclusion, Ripple CEO Brad Garlinghouse’s photo outside the SEC building, accompanied by Stuart Alderoty, has sparked intrigue and discussion within the cryptocurrency community. The ongoing legal battle between Ripple and the SEC, combined with the uncertain appeal process, sets the stage for what could be a pivotal moment in the future of digital asset classification.