Ripple president Monica Long said the company plans to fight the case “to the bitter end” against the U.S. Securities and Exchange Commission (SEC). While Ripple is not alone, crypto companies like Binance and Coinbase are fighting regulation with an enforcement approach, seeking regulatory clarity and guidelines regarding crypto.
Ripple plans to continue fighting against the SEC
Ripple's president, Monica Long, announced in an interview with CNBC that the company plans to continue its fight against the US Securities and Exchange Commission (SEC). Long said: “We plan to continue fighting the case to the bitter end.” said.
US SEC v. The Ripple Labs case dragged on for nearly three years after outgoing SEC Chairman Jay Clayton decided to pursue the complaint, as well as dragging CEO Brad Garlinghouse and co-founder Chris Larsen into the case.
Judge Torres gave Ripple Labs and its executives a partial victory in the case, stating that the programmatic sales of XRP were not securities, but the institutional sales were investment contracts. In fact, XRP itself is not a security.
The SEC is filing a tentative appeal of the decision, saying the Howey test for securities proves otherwise. Federal judges, meanwhile, have called the SEC's approach arbitrary, capricious and hypocritical.
Additionally, Monica Long suggested that the decision helps bring some clarity to the crypto industry and help Ripple expand its business globally. Ripple will continue to prove the SEC's inconsistent decisions as it prepares for a hearing in 2024.
“We have achieved clarity in this case as well. “The judge's decision in this case said very clearly that XRP is not a security per se, and that opened the doors for us to really expand our business, not just in the US but even more globally.”
Ripple continues to expand the use of XRPL and XRP in cross-border transactions. It is also used by some countries for CBDC study and research.
XRP price fell below support
XRP has fallen below the key $0.50 support level amid a sell-off due to uncertainty in the cryptocurrency market. It dropped 6 percent in a week.
XRP price increased by 1 percent in the last 24 hours, but lost previous gains. The price is trading at $0.47, with a 24-hour low and high of $0.471 and $0.484 respectively. CoinGape Media had previously reported that a possible drop could go as low as $0.42.
