Ripple‘s CEO Monica Long stated that the company plans to fight against the US Securities and Exchange Commission (SEC) “to the end” in a recent interview. Ripple is not alone in this battle, as other crypto companies like Binance and Coinbase are also fighting against regulatory clarity and guidelines.
Current Status of the XRP Lawsuit
Monica Long, the president of Ripple, revealed in an interview with CNBC that the company intends to continue its fight against the US Securities and Exchange Commission (SEC). Long stated that they plan to persist with the case until the end.
The SEC’s lawsuit against Ripple Labs dragged on for about three years, involving CEO Brad Garlinghouse and co-founder Chris Larsen, along with the decision of former SEC Chairman Jay Clayton to continue with the complaint.
Judge Torres granted Ripple Labs and its executives a partial victory in the case, stating that XRP’s programmed sales were not securities, but rather investment contracts. However, XRP itself was not deemed a security.
The SEC has filed a temporary appeal, claiming that it disproves the Howey test for securities. Meanwhile, federal judges have described the SEC’s approach as arbitrary, capricious, and duplicitous.
Furthermore, Monica Long argued that the decision brought some clarity to the crypto industry and helped Ripple expand its business globally. As Ripple prepares for the trial in 2024, it will continue to prove the SEC’s duplicity.
We gained clarity in this case as well. The judge clearly stated that XRP is not a standalone security, which opened doors for us to truly expand our business. Not only in the US, but globally as well.
Ripple continues to expand the usage of XRPL and XRP in cross-border transactions. It is also being utilized for central bank digital currency (CBDC) research and development in some countries.
XRP Analysis
Amidst the uncertainty in the crypto market, XRP fell below the key support level of $0.50. It experienced a 6% drop in just one week and seems to have lost the effects of its significant rise in July.
The XRP price increased by 1% in the last 24 hours, but it lost its previous gains. The price is currently trading at $0.47, with the lowest and highest levels in the past 24 hours being $0.471 and $0.484, respectively. Previous information also suggested a possible drop to $0.42.
