XRP Lawsuit Update: Ripple Confident On Fair Remedies Ruling Against SEC
XRP Lawsuit Update: The ongoing legal battle between Ripple and the SEC has gained significant interest lately. In a recent update, Ripple said that it remains optimistic about a “fair” ruling in the remedies phase of the lawsuit. Besides, despite the ongoing litigation, the firm is confident that the central ruling—that XRP is not a security—will remain unchanged.
XRP Lawsuit Update: Ripple Remains Confident Outcome
In its recent Q2 2024 XRP markets report Ripple highlighted its confidence in the ongoing lawsuit against the SEC. The firm noted, “July 13 marked the one-year anniversary of Ripple’s landmark win against the SEC. This was a monumental moment for the industry, resulting in regulatory clarity for XRP.”
In addition, the company remains optimistic that the Judge will approach the remedies phase fairly, ensuring the central ruling about the crypto’s status as a non-security remains intact. Meanwhile, the XRP lawsuit’s history dates back to 2018 when the company faced a class action lawsuit in California.
Recently, the California Court dismissed all class claims based on both federal and state laws. However, an individual state law claim remains but is not considered material by the firm. This dismissal represents a significant legal victory for the company and strengthens its position in the ongoing battle with the SEC.
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Speculation Soars Over SEC Lawsuit Conclusion
The XRP lawsuit has recently gained notable traction, with speculation about a potential settlement between Ripple and the SEC. Despite some experts denying the possibility of a settlement, many lawyers and market analysts anticipate a resolution soon. Previously, a pro-XRP lawyer suggested July 31 as a potential date for the remedies phase ruling.
Meanwhile, the recent report also emphasized the importance of the upcoming 2024 US elections, stating, “The 2024 US elections will be the most consequential in crypto’s history to date and will impact the future of crypto in the US.” The company’s significant contributions to political efforts, such as donating $25 million to Fairshake, a federal super PAC, highlight the company’s commitment to ensuring regulatory clarity for the crypto industry.
Globally, Ripple reported progress in regulatory developments. The SEC’s recent decision to close its investigation into Ethereum 2.0 marked another victory for the cryptocurrency industry. Meanwhile, regulators worldwide, including those in Hong Kong, Brazil, the UAE, and Europe, are making strides to become global crypto hubs by introducing clear regulatory frameworks.
A Look Into Into The Q2 Report
Ripple highlights several global regulatory developments. In the Middle East, the Central Bank of the UAE issued the Payment Token Services Regulation, providing clarity on stablecoin issuance and digital asset operations. In Europe, the Markets in Crypto-Assets regulation (MiCA) came into force for stablecoins, with Circle becoming the first global stablecoin issuer to comply with the MiCA framework.
Meanwhile, the firm also disclosed its XRP holdings, noting that “Ripple does not have access to that XRP until the escrow releases it to Ripple on a monthly basis. The vast majority of the XRP released is put back into the escrow each month.” As of June 30, 2024, the company held approximately 4.68 billion coins, with 39.5 billion subject to on-ledger escrow.
However, despite the recent confidence expressed by Ripple, XRP price was down over 3% in the last 24 hours to $0.5634. Besides, several experts see the dip as a result of the recent 500 million XRP unlocks, which have fueled further speculations on the XRP lawsuit.
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