The CEO of Ripple, Brad Garlinghouse, recently said that the business will be fighting the SEC’s hefty disgorgement demand, marking a new development in the ongoing legal struggle between Ripple and the SEC.
Garlinghouse revealed Ripple’s plan to contest the SEC’s demand for $770 million related to institutional sales of XRP during a CNBC interview today, adhering to a prearranged briefing timetable for Section 5 remedies.
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The decision to retreat was made by Ripple following three straight court rulings that strengthened their position. Judge Torres rendered a crucial decision on July 13th, declaring that XRP is not a security.
Ripple Counters SEC’s $770M Claim After Legal Success,Ripple Counters SEC’s $770M Claim After Legal Success
Due to Ripple’s noteworthy victory, XRP was relisted on cryptocurrency exchanges, which caused its price to rise beyond $0.80. Judge Torres’ decision to deny the SEC’s request for an interlocutory appeal and the dismissal of the charges against the Ripple executives furthered this trend.
Garlinghouse referenced Grayscale’s Bitcoin ETF triumph to support his criticism of the SEC for what he sees as a pattern of repetitious and uneven regulatory measures.
He praised the judge’s emphasis on investor protection and institutional investors’ adherence to securities regulations, accusing the SEC of straying from its primary goal of safeguarding investors.
In his outlook, Garlinghouse listed a number of elements that he thinks would propel the cryptocurrency sector forward, such as usefulness, scalability in solving big issues, and regulatory certainty. Furthermore, he proposed that the industry’s direction will continue to be shaped by macroeconomic factors.
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With XRP presently priced at $0.65, the market has reacted well to Ripple’s legal accomplishments and larger industry developments. This price indicates investor confidence despite ongoing regulatory problems, as it has increased by 32% over the last month and by an amazing 85% over the last year.
Ripple Counters SEC’s $770M Claim After Legal Success,Ripple Counters SEC’s $770M Claim After Legal Success,Ripple Counters SEC’s $770M Claim After Legal Success , Ripple coin Crypto news, Ripple coin News