A court ruling in favor of Ripple supports the rise of cryptocurrencies
The rise in the cryptocurrency market continued after a court ruling to fine Ripple Labs, the issuer of the XRP currency, and to pay a fine of $ 125 million in its dispute with the US Securities and Exchange Commission.
Despite the large fine imposed on the company, the fine is considered a victory for the American company in its dispute with the SEC, especially since the latter expected a fine of $ 2 billion.
The ruling constitutes a new chapter in the SEC's prosecutions of companies issuing cryptocurrencies, as the US authority demands that these currencies be classified as an investment asset or "SECURITIES", but it has not yet succeeded in obtaining any court ruling to do so.
Talal Al-Tabbaa, a founding partner in the CoinMENA platform, said that the ruling issued in favor of Ripple Labs will have repercussions beyond Ripple, because if a court ruling is issued by a specific court, another judge in the future can use the previous ruling.
He added in an interview with "Al Arabiya Business" that Ripple was founded in 2012 or 2013 and the first lawsuit filed against it was in 2020, and thus it appears that in the field of financial technology, the judiciary may be late in pursuing companies. In this case, the time period was 7 years.
The rise in the cryptocurrency market continued after a court ruling to fine Ripple Labs, the issuer of the XRP currency, and to pay a fine of $ 125 million in its dispute with the US Securities and Exchange Commission.
Despite the large fine imposed on the company, the fine is considered a victory for the American company in its dispute with the SEC, especially since the latter expected a fine of $ 2 billion.
The ruling constitutes a new chapter in the SEC's prosecutions of companies issuing cryptocurrencies, as the US authority demands that these currencies be classified as an investment asset or "SECURITIES", but it has not yet succeeded in obtaining any court ruling to do so.
Talal Al-Tabbaa, a founding partner in the CoinMENA platform, said that the ruling issued in favor of Ripple Labs will have repercussions beyond Ripple, because if a court ruling is issued by a specific court, another judge in the future can use the previous ruling.
He added in an interview with "Al Arabiya Business" that Ripple was founded in 2012 or 2013 and the first lawsuit filed against it was in 2020, and thus it appears that in the field of financial technology, the judiciary may be late in pursuing companies. In this case, the time period was 7 years.