Thu, Oct 03, 2024, 05:15 AM GMT
The cryptocurrency world was abuzz yesterday as Ripple (XRP) fans celebrated Bitwise's filing for a new XRP exchange-traded product (ETP). However, the excitement was short-lived as the U.S. Securities and Exchange Commission (SEC) launched an appeal against Ripple Labs, rekindling tensions in the long-standing legal battle.
Source: X
Ripple CEO Brad Garlinghouse Criticizes SEC's Appeal
Rippleâs CEO, Brad Garlinghouse, was quick to respond to the SEC's move, criticizing the agency for undermining its own credibility. Garlinghouse pointed out that the SEC's decision to appeal a court ruling that had largely favored Ripple only hurt the commission's reputation rather than protect investors, as it claimed.
The Ripple-SEC feud began when the SEC accused Ripple of illegally selling XRP as unregistered securities. After a prolonged legal battle, Judge Analisa Torres issued a ruling that reduced the penalties the SEC was seeking, marking a partial win for Ripple. Yet, instead of accepting this verdict, the SEC chose to appeal.
Source: X
Garlinghouse didnât hold back in his criticism, suggesting that the SEC's appeal was driven by a desire to maintain control over the growing cryptocurrency market. âIf the SEC was rational, they would have moved on from this case long ago,â Garlinghouse said, adding that the agencyâs continued pursuit seemed to have little to do with protecting investors.
XRP Price Drops Following SEC Appeal
The market reacted swiftly to the news, with $XRP price dropping over 10% as investors grew concerned about further uncertainty. Many in the crypto community shared Garlinghouse's frustration, seeing the SECâs actions as unnecessary and harmful to market confidence.
Source: Coinmarketcap
Rippleâs legal battle with the SEC remains a critical issue for the broader cryptocurrency industry, as the outcome could shape future regulatory frameworks for digital assets.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.
