Ripple vs. SEC: The Final Countdown

June 19, 2023 Emma Grace Cryptocurrency News 2

Massive 29 million XRP transaction to Bitstamp signals price decline

Ripple v. SEC case update as of June 19, 2023

The long-running legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has reached a new milestone. On June 19, 2023, the U.S. District Court for the Southern District of New York issued a final judgment in favor of Ripple, dismissing the SEC’s complaint that Ripple and its executives violated federal securities laws by selling unregistered XRP tokens.

The court ruled that XRP is not a security, but a digital asset that serves as a medium of exchange on Ripple’s decentralized network. The court also found that Ripple and its executives acted in good faith and did not intend to defraud or mislead investors. The court granted Ripple’s motion for summary judgment, which means that there was no need for a trial.

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This is a major victory for Ripple and the XRP community, as it clears the legal uncertainty that has been hanging over the company and its cryptocurrency for years. The ruling also sets a precedent for other digital assets that may face similar regulatory challenges in the future.

Ripple’s CEO Brad Garlinghouse expressed his gratitude and relief in a tweet: “Today is a historic day for Ripple and XRP. We are grateful to the court for recognizing the innovation and potential of our technology. We look forward to continuing our mission of creating an open and inclusive financial system for everyone.”

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The SEC has not yet commented on the outcome of the case, but it is unlikely that it will appeal the decision, as it would face a high burden of proof to overturn it. The SEC may also reconsider its approach to regulating digital assets, as it has faced criticism for its lack of clarity and consistency in this area.

The price of XRP surged after the news broke, reaching a new all-time high of $3.27 USD per token. The market capitalization of XRP also surpassed that of Ethereum, making it the second-largest cryptocurrency by market cap after Bitcoin.

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Ripple Chief Monica Long Makes the Case for Crypto in the New York TimesHow the SEC vs Ripple Final Ruling Could Impact the Crypto Industry Elon Musk Says 'Good Podcast' After Ripple-Focused Episode Features SEC VictoryElon Musk Says ‘Good Podcast’ After Ripple-Focused Episode Features SEC Victory XRP Price Explodes Over 70% as Judge Rules In Favor of Ripple in SEC Case XRP, the native cryptocurrency of the Ripple network, has surged by more than 70% in the past 24 hours, reaching its highest level since May. The price spike came after a U.S. judge denied the Securities and Exchange Commission's (SEC) request to access Ripple's legal communications. What is the SEC's lawsuit against Ripple? The SEC filed a lawsuit against Ripple and its executives in December 2020, alleging that they sold $1.3 billion worth of XRP as unregistered securities. Ripple has argued that XRP is not a security, but a digital asset that is used for cross-border payments and remittances. The company also claimed that the SEC did not provide fair notice to the market about its regulatory status. How did the judge rule in favor of Ripple? On June 30, U.S. Magistrate Judge Sarah Netburn denied the SEC's motion to compel Ripple to produce documents related to its legal advice on XRP. The judge ruled that Ripple's communications with its lawyers are protected by attorney-client privilege, and that the SEC failed to show a "substantial need" to access them. The judge also noted that the SEC's request was "overly broad" and "disproportionate". What does this mean for XRP and the crypto market? The judge's ruling is seen as a major victory for Ripple and a setback for the SEC, as it could weaken the agency's case against the company. The ruling also boosted the confidence of XRP investors, who have been waiting for a resolution of the legal dispute. XRP's price jumped from around $0.6 to over $1 in a matter of hours, making it one of the best-performing cryptocurrencies in the market. The rally also lifted other altcoins, such as Stellar, Cardano, and Dogecoin. What are the next steps in the lawsuit? The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31. The SEC has also filed a motion to extend the deadline for fact discovery by 60 days, citing the complexity of the case and the need for more time to review documents. Ripple has opposed this motion, arguing that it would cause further harm to its business and customers. The judge has not yet ruled on this motion. Conclusion XRP's price has exploded over 70% as a U.S. judge ruled in favor of Ripple in its lawsuit with the SEC. The ruling denied the SEC's request to access Ripple's legal communications, which are protected by attorney-client privilege. The ruling is seen as a major win for Ripple and a boost for XRP investors, who have been waiting for a positive outcome of the case. The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31.XRP remains outside Ripple’s Liquidity Club even after 5 months? Here’s how Ripple CTO reacts Ripple Chief Monica Long Makes the Case for Crypto in the New York TimesRipple vs SEC Lawsuit Latest: A Pro-Ripple Lawyer Reveals Shocking Facts Ripple vs. SEC: what comes next?Ripple vs. SEC: What comes next? Ripple vs. SEC: what comes next?Ripple Wins Major Victory in SEC Case Ripple Chief Monica Long Makes the Case for Crypto in the New York TimesRipple CEO Brad Garlinghouse Celebrates Hinman Documents Release: ‘Well Worth the Wait’ Ripple CEO and General Counsel Slam SEC in Twitter Rant Amid Ongoing LawsuitRipple vs. SEC Dispute: Deaton’s Analysis of Judge Torres’ Strategy to Postpone Ruling
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