As the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues, Ripple’s president, Monica Long, recently declared the company’s intention to fight the lawsuit to the end.
Ripple’s determination to challenge the SEC’s regulatory approach aligns with other crypto companies, including Binance and Coinbase, who are seeking regulatory clarity and guidelines for the crypto industry. Despite the setbacks, Ripple remains committed to proving the SEC’s alleged hypocrisy and expanding its global business opportunities.
Ripple Vows to Persist in Legal Dispute
In an interview with CNBC, Ripple President Monica Long expressed the company’s steadfast resolve to continue legal face-off with the SEC. Long firmly stated, “We are planning to continue to fight the case all the way through.”
The legal battle between Ripple Labs and the SEC has been ongoing for nearly three years. In a partial victory for Ripple, Judge Torres ruled that programmatic sales of XRP are not securities, although institutional sales are considered investment contracts. Notably, the judge clarified that XRP itself is not a security.
SEC’s Appeal and Ripple’s Global Business Expansion
Despite the partial win, the SEC is seeking an interlocutory appeal to challenge the ruling, claiming that the Howey test indicates that XRP should be classified as a security. Furthermore, federal judges have criticized the SEC for its arbitrary and hypocritical approach to the case.
Monica Long acknowledged that the ruling provided some clarity for the crypto industry and enabled Ripple to expand its business globally. The company aims to expose what it perceives as the SEC’s hypocrisy as it prepares for the trial scheduled for 2024.
Long stated, “We also got clarity in that lawsuit. And the judge’s order in that case said very clearly XRP in and of itself is not a security, which kind of opens the doors to us to really expand our business—not just in the U.S. but even more globally.”
In the face of market uncertainty, XRP experienced a decline and fell below the key support level of $0.50. The digital currency has witnessed about a 4% dip in the past week and is trading at $0.4808 at the time of press, according to CoinMarketCap.
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Ripple’s Determined Stance Amidst Price Challenges
Ripple’s president, Monica Long, stands firm in the face of the SEC lawsuit, pledging to fight until the end. Despite XRP’s price struggles and market turbulence, Ripple continues to assert its position with global expansion plans.
As the legal battle progresses and the crypto industry seeks regulatory clarity, Ripple remains undeterred, determined to demonstrate the alleged inconsistency of the SEC’s approach.
Although the journey ahead may be challenging, Ripple maintains its commitment to advancing its cross-border solutions and exploring new use cases for XRP in the evolving landscape of digital assets.