Ripple disappointed but not surprised, will appeal

Ripple General Counsel Stuart Alderoty said the SEC’s appeal decision was disappointing but not surprising. This will only prolong an already utter embarrassment for the agency. The court has dismissed the SEC’s accusation that Ripple did not defraud and had no victims or related losses.

Alderoty also criticized the SEC, under Chairman Gary Gensler, for not faithfully enforcing the law and continuing its litigation battle against the crypto industry. The SEC's lawsuit was irrational and misleading from the beginning, and coincidentally, SEC Enforcement Director Gurbir S. Grewal announced his resignation an hour before?

Ripple said it was evaluating whether to file a cross-appeal. Ripple is ready to lead the crypto industry and prove everything in court again!

A previous court ruling stated that Ripple’s direct sales of $XRP to institutional investors violated securities laws, while other planned sales of $XRP through exchanges were not illegal. It also imposed a civil penalty of $125 million, far less than the $2 billion fine sought by the SEC.

$XRP drops 11% on news

Affected by news of the lawsuit, $XRP fell from around 0.6 to 0.5330, a 24-hour drop of 11%.

Source: Binance

Bitwise files for XRP ETF, claims XRP is not a security

ETF issuer Bitwise filed a registration statement (S-1) for the XRP ETF with the SEC yesterday. Bank Mellon (BNY) will serve as the administrator of the trust, and Coinbase Custody Trust Company, LLC will serve as the custodian of the spot XRP ETF.

Bitwise also claims in its filing that $XRP is not a security. Bitwise filed an application for an XRP ETF with Delaware just the day before, and Bloomberg ETF analyst Eric Balchunas believes that these altcoin applications are basically as cheap as a Trump Call.

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  • This article is reprinted with permission from: (Lian News)