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For years, Ripple (XRP) has been fighting a significant battle against the SEC, and it hasn’t been very successful. Despite occasional price surges due to the lawsuit, the price has never approached its ATH level. Moreover, the increasing circulating supply over the years has turned the dream of $3 prices into a distant hope due to growing competition. So, what were the latest announcements?
Ripple (XRP) Lawsuit
On July 13, 2023, the SEC suffered a defeat in certain aspects with the summary judgment of the court. Although the case against the company executives was dropped, the SEC continues to fight. Discussions suggest that the case might not conclude until mid-2026. Brad Garlinghouse wrote the following a few minutes ago regarding the summary judgment announced exactly one year ago:
“July 13, 2023, was a very good day for Ripple and the entire industry. And personally, for me, it was a big moment!
We believed in fighting against the bully that harassed our industry and conducted an unlawful war. As I said when it all started, I knew we were on the right side of the law and that history would place us on the right side. Over the past year, Gensler’s SEC has accelerated its war against crypto with failed lawsuits, false narratives, slander, and intimidation, believing they could stifle this technology and industry.
They were wrong then. They are wrong now.”
Hours ago, the SEC dropped its investigation into STX, deciding it was not a security. A few days ago, we saw a new development against another institution in the PAXOS case. The SEC’s sudden approval of the ETH ETF was linked to Trump’s increasingly crypto-friendly stance as the November elections approach.
Ripple Lawsuit Statements
The CEO’s comments followed statements made by Ripple’s Chief Legal Officer (CLO) Stuart Alderoty. On the day the summary judgment was announced in 2023, Stuart said, “Today we achieved a great victory.” The court had cleared the way for XRP Coin by not considering secondary market sales as securities. The only issue was institutional sales, which could be resolved with a reasonable penalty.
Exactly 365 days later, Ripple’s CLO said the following while preparing the statement:
“First and foremost – as a legal matter, determining that a token – in this case, XRP – is not a security on its own was a milestone.
This decision led to other rulings (most recently in the Binance case) acknowledging that the SEC overstepped and did not adhere to the laws under Chairman Gensler’s leadership. Courts have provided much-needed oversight on the SEC’s actions, but endless lawsuits for token-specific clarity are unacceptable. As the US continues to lag behind the rest of the world, policymakers on both sides of the aisle are increasingly frustrated by the lack of legal progress on crypto.
While our case is not entirely over (remedies are still to be decided), the Court’s decision that XRP is not a security will not change (even the SEC told the Court it would not challenge this conclusion).
Do not be distracted by the SEC’s ongoing efforts to drag Ripple and the industry into the trenches – this track is running out for the SEC. Ripple and the entire industry will emerge stronger long after Chairman Gensler is gone.”
The final sentence reminds us once again why the November 2024 Presidential elections are important for crypto investors.
