XRP's currency status has sparked heated discussions on Wall Street: Can it be officially recognized in the future?
In the field of cryptocurrency, a discussion is going on about whether XRP can eventually be officially recognized as a currency. The topic was triggered by a conversation between Abdullah Nassif, a well-known cryptocurrency podcast host, and Linda Jones, a senior Wall Street analyst. Jones recently proposed in a program that XRP's non-security nature had been determined long before Ripple Labs encountered a lawsuit from the U.S. Securities and Exchange Commission (SEC).
As the SEC plans to appeal the 2023 ruling that XRP is not a security, the discussion has heated up again. Jones emphasized that legal documents and regulatory actions from many years ago have clearly stated that XRP does not fall into the category of securities, but is classified as a "virtual currency." In particular, the U.S. Financial Crimes Enforcement Network (FinCEN) defined XRP as a virtual currency in its regulatory action against Ripple Labs in 2015. Although this classification is related to anti-money laundering (AML) and Bank Secrecy Act (BSA) compliance, it does not delve into whether it constitutes a security.
Jones further pointed out that although the label of "virtual currency" does not fully define the legal status of XRP, it does provide strong support for the non-securities nature of XRP. In the face of the possible appeal of the SEC, Jones expressed optimism that both historical precedents and the existing legal framework support the non-securities status of XRP.
It is worth noting that although the SEC has tried to challenge the ruling made by Judge Analisa Torres in July 2023 through an interlocutory appeal, this effort has been rejected. Ripple's Chief Legal Officer Stuart Alderoty also publicly stated that even if the SEC restarts the appeal process, it will be difficult to change the inherent non-securities characteristics of XRP.
Within the cryptocurrency community, most people believe that the SEC is unlikely to win the appeal. As the legal dispute between Ripple and the SEC gradually becomes clear, XRP's future currency status is gradually gaining more recognition and expectations. This discussion not only reflects the close attention paid to legal supervision in the cryptocurrency field, but also foreshadows the potential influence and status of XRP in the future financial market.
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