(VOR News) – XRP was allegedly sold by Ripple in December 2020 as an unregistered security, according to allegations made by the Securities and Exchange Commission (SEC).
On behalf of the SEC, this lawsuit was submitted. It was because of this that the legal process got underway.
In the most recent few minutes, Brad Garlinghouse, the Chief Executive Officer of Ripple, reiterated the information that was published on X. This decision, in his opinion, constitutes a “long-overdue surrender” on the part of the Securities and Exchange Commission.
Therefore, this study is XRP defective from the beginning.
In the course of this time period, owners of XRP experienced significant losses as a direct consequence of the case. Since the beginning, Ripple has taken the position that XRP is not a security.
This has been their position continuously. They have never deviated from accepting this point of view. Nevertheless, they were successful in accomplishing this goal in spite of the fact that they had suffered a loss of about $15 billion over the course of several years.
Similarly, in the year 2023, a judge reached the same conclusion, deciding that the sale of XRP on public exchanges did not constitute a violation of any securities law violations. This had been the conclusion reached earlier. This is the manner in which the judge arrived at this verdict about the case.
Given that they were successful, there was a significant barrier that stood in the way of the SEC’s claim. In accordance with what Garlinghouse has claimed, “we won on every critical legal point.” In his statement, he made this statement. “That is now mandated by law.”
Acting Chairman Mark Uyeda is currently in charge of the Securities and Exchange Commission (SEC), which is undergoing a transition in strategy.
This transformation is also taking place at the same time. At the time that this decision is being made, the Securities and Exchange Commission is in the process of undergoing a transformation. The government agency has made the decision not to pursue legal action against other cryptocurrency companies, such as Coinbase, Uniswap Labs, and Kraken, among others.
This decision was established. Reports indicate that the Securities and Exchange Commission (SEC) was discussing whether or not XRP may be categorised as a commodity rather than a security, in a manner comparable to that of Ethereum.
XRP was being considered by the SEC.
The Securities and Exchange Commission (SEC), according to Garlinghouse, has never made a serious effort to protect the interests of investors.
This is something that he considers to be very concerning. He was the one who launched the accusation that “they were out to intimidate and terrorise” the people.
On behalf of the cryptocurrency community, he issued a rallying cry, urging its members to work together and make efforts towards the adoption of regulations that, once they are put into place, are more open and transparent.
In the long and distinguished history of cryptography, which has been around for a very long time, this signifies the end of a phase that has been the subject of much XRP discussion. Immediately after it, the statement was made, “I believe that as a result of it, we are all stronger.”
In addition, he mentioned that an increasing number of public officials are advocating for legislation that is favourable to cryptocurrencies, which may lead to the development of rules that are more positive in the future. Even further, he stated that it is anticipated that same pattern would occur again in the future.
According to CoinMarketCap, the price of XRP increased by more than 14% shortly after the revelation had been made, going from $2.30 to $2.56. A significant increase can be inferred from this. This increase took place right after the news was made available to the general audience.
To add insult to injury, the overall amount of trading has increased by 73% to reach $6.1 billion, notwithstanding the volatility that has been occurring.
During the course of the disagreement, Garlinghouse expressed gratitude to the Ripple team, its legal staff, and the XRP community for their unwavering support of the company.
On multiple occasions, he reiterated this. It was during an interview that he stated to the reporters that “without each and every one of you, we would not have been able to emerge victorious from this conflict.”
SOURCE: CT
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