At a recent political campaign rally for Donald Trump in the South Bronx, New York, a supporter made a bold statement about XRP. Amidst the crowd, an individual held up a sign that read “XRP is not a security”. This gesture was captured on video by Fox Business News and shared on social media by Craig Brittain, a U.S.-based X user.
The Legal Battle Between Ripple and the SEC
The significance of this statement lies in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, the company behind XRP. In December 2020, the SEC filed a lawsuit against Ripple, alleging that XRP was a security asset.
However, in July 2023, District Court Judge Analisa Torres ruled that XRP is not a security. This partial victory for Ripple has been seen as a significant development.
Trump’s Stance on Cryptocurrency
It is unclear why the XRP supporter chose to promote this court decision at Trump’s campaign rally, especially since the ruling is already ten months old. However, it is worth noting that Trump’s campaign recently began accepting donations in cryptocurrencies like XRP.
Trump has been an open advocate for cryptocurrencies, pledging to authorize Bitcoin for payments if re-elected president. He has also stated that his administration would avoid unfavorable crypto regulations, unlike the current Biden administration, which has been seen as hostile towards the crypto industry.
The XRP supporter’s sign may have been a gesture of appreciation for Trump’s stance on cryptocurrencies. By holding up the sign, the individual was drawing attention to the court’s ruling and potentially expressing gratitude for Trump’s support.
The move may also have been a way to raise awareness about the ongoing legal battle between Ripple and the SEC, which has significant implications for the crypto industry as a whole.
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Implications for the Crypto Industry
Trump’s acceptance of crypto donations and his pledge to support the industry have been seen as a welcome development by many in the crypto community. His administration’s potential avoidance of unfavorable regulations could also be a positive sign for the industry’s growth and development. As the crypto landscape continues to evolve, it will be interesting to see how Trump’s stance on cryptocurrencies influences the coming presidential election in the United States.
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