Lawyer Fred Rispoli provided an update on the ongoing Crypto vs SEC battle yesterday. The Securities and Exchange Commission (SEC) stirred controversy with a tweet stating that scammers often use innovations and emerging technologies like crypto to perpetrate investment scams.
Rispoli criticized the SEC’s statement, pointing out that on the same day, the agency had sworn to a federal judge that there is no such thing as “crypto asset securities.” He called for this contradiction to be highlighted through Twitter’s Community Notes feature.
This post in and of itself is a scam as the SEC the same day swore to a federal judge that there is no such thing as "crypto asset securities." I have requested this be Community Note'd.cc @jchervinsky https://t.co/5GVSqym95T
— Fred Rispoli (@freddyriz) September 13, 2024
Earlier, the SEC expressed regret for using the term “crypto asset securities,” acknowledging that it was misleading. This admission came in a court filing related to the SEC’s ongoing litigation against Binance and Ripple. The agency stated it regrets any confusion caused by its previous statements regarding the classification of crypto tokens as securities.
Ripple executives, including CEO Brad Garlinghouse and CLO Stuart Alderoty, have suggested that the SEC is unlikely to appeal Judge Torres’ ruling, which partially favored Ripple. This ruling determined that Ripple’s sales of XRP on public exchanges did not violate federal securities laws. The SEC is currently deliberating on appealing the remedies ruling, but the consensus among Ripple’s leadership is that the case may effectively be over for the company.
The XRP price pumped 9% this week, but this is mostly attributed to Grayscale announcing the launch of an XRP fund trust. The price is trading slightly below $0.58 now as the broad crypto market seems bullish at the moment.
Read also: Is XRP Price on the Verge of a 300% Breakout? Symmetrical Triangle Suggests Big Move
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