Significant developments have taken place in the ongoing case between the US Securities and Exchange Commission (SEC) and Ripple. Although Ripple made progress with Judge Torres ruling that XRP sales did not constitute an unregistered securities offering, the uncertainty surrounding the lawsuit prompted the company to expand its operations in some countries outside the US.
The legal process between the US Securities and Exchange Commission and Ripple, which began in 2020, has become a symbol of tension between crypto companies and regulatory authorities. In June, the SEC filed consecutive lawsuits against Binance and Coinbase for violating securities laws, which drew widespread criticism from the crypto industry.
However, a crucial development occurred in mid-July. US Judge Torres ruled that XRP sales did not constitute an unregistered securities offering.
This decision was considered a significant victory for Ripple in the public eye. The ruling, which is of critical importance to the Ripple company, also had a significant impact on the price performance of XRP.
Not satisfied with the judge’s ruling that XRP sales did not constitute an unregistered securities offering, the SEC officially appealed the decision. Although this ruling in mid-July was considered a victory for Ripple in the public eye, the court process has not yet concluded in favor of Ripple.
Ripple officials have made critical statements in recent times. Ripple CEO Brad Garlinghouse highlighted that the majority of new company employees will operate in countries other than the United States, and Ripple will expand its operations in Singapore, Hong Kong, Dubai, and the United Kingdom.
Monica Long, the President of Ripple, who made statements last week regarding the SEC case, emphasized the importance of the XRP ruling in July and stated that they will continue their legal battle. Long claimed that this XRP ruling in the case proves that XRP is not a security and expressed the company’s aim to continue expanding its operations on a global scale.