Coinspeaker Ongoing Ripple vs SEC Legal Battle: Cramer’s Comments Spark Debate within Crypto Community
The ongoing legal battle between the US Securities and Exchange (SEC) and Ripple Labs has been taking different turns for the Ripple community. A recent video featuring CNBC’s Mad Money host, Jim Cramer, has further sparked more discussion and speculation within the crypto space.
Jim Cramer’s Controversial Statement: SEC Lost that One!
In the video that has gone viral, Cramer can be seen telling SEC Chairman Gary Gensler that the SEC lost the crypto legal battle against Ripple. Cramer said:
“SEC Vs. Ripple Labs… You Lost That One!”
While the financial watchdog did record a partial victory in the lawsuit, Cramer’s blunt statement suggests that the outcome was not really what the SEC had hoped for. This comment has led some XRP enthusiasts to be optimistic about the coin’s legal battle, as they believe the TV host’s words could indicate a favorable turn of events based on his pedigree within the financial sector.
However, not all members of the crypto space share this optimism, as some were of the opinion that Cramer’s word might actually be bad news for XRP holders, suggesting the host could be ironic with the statement, while also believing that SEC may eventually still emerge victorious in the overall case.
The SEC vs. Ripple lawsuit has been ongoing for the past four years since the regulator accused the cryptocurrency company of conducting unregistered securities. Within these years, both parties have claimed partial victories, and the case is now advancing to the Second Circuit Court of Appeals, a critical phase in the legal dispute over the XRP status.
The Lawsuit’s Lengthy Journey: Partial Victories and Upcoming Appeals
In a judgment made mid-last year, the US District Judge, Analisa Torres, made a ruling declaring that Ripple’s institutional sales of XRP were investment contracts that would classify them as securities. However, the judge made it known that the crypto company did not violate any securities law through its sales. In a post made by Ripple’s Chief Legal Officer, Stuart Alderoty, he revealed that the only thing that the court found to be an investment contract was previous direct sales to institutional clients.
The mixed outcome and lengthy decision have left many in the XRP community in a state of doubt as they wait for the court’s decision on the remaining issues in the case, which include the remedies litigation and Ripples’s motion to strike key expert material from the SEC expert witness. Both parties have submitted relevant motions for the case, and the court decision can be made at any time.
Amid the legal battle, the launch of the XRP exchange-traded fund (ETF) has been trending for the past few weeks within the crypto community, as many crypto enthusiasts see it as the next to be approved after the approval of the Ethereum ETFs. In a recent interview with CNBC, Ripple President Monica Long revealed that an XRP ETF would make a lot of sense. She backed her claim, stating that aside from bitcoin, only XRP has regulatory clarity. Also, the XRP has been a top 10 asset by market capitalization and even sits in the top 5 cryptocurrency daily traded volume.
next
Ongoing Ripple vs SEC Legal Battle: Cramer’s Comments Spark Debate within Crypto Community
