Ripple CEO announces a significant victory over the SEC but the lawsuit is not yet fully resolved.
The 4-year trial has proven that XRP is not a security, paving the way for the U.S. cryptocurrency industry to develop. However, pending legal procedures may take another 1-2 months before the official conclusion.
MAIN CONTENT
Ripple wins the lawsuit against the SEC, confirming that XRP is not a security.
The unclear legal direction on crypto drives capital and talent abroad.
XRP price increases by 5% thanks to collaboration with BNY Mellon and positive technical signals.
What does Ripple's CEO say about the victory over the SEC?
Brad Garlinghouse, CEO of Ripple, asserts that the 4-year court victory has proven that XRP is not a security, helping to break the first major legal barrier with a U.S. cryptocurrency company. He emphasized that this is an important step, paving the way for a stronger domestic cryptocurrency market.
Garlinghouse also criticized the ambiguity in cryptocurrency laws in the United States, stating that this drives many innovation, investment, and job opportunities to other countries like Europe and Asia, while increasing risks for consumers.
"After four years of litigation, we have won comprehensively, affirming that XRP is not a security. This sets an important precedent for other companies in the market to stand up for their rights."
Brad Garlinghouse, CEO of Ripple, at the Senate Banking Committee hearing in the United States, June 2024
How does the legal process conclude the Ripple and SEC lawsuit?
According to Marc Fagel, former SEC lawyer, the lawsuit is not officially closed because the parties have not fully withdrawn their objections. Typically, it takes about 1 to 2 months for the SEC to arrange the vote to officially dismiss the appeal.
It is expected that next, Ripple and the SEC will sign a mutual agreement as soon as the SEC agrees to stop the appeal, helping to conclude all legal oversight procedures related to this case.
"The official resolution of the dispute could be expedited if both parties reach a mutual agreement."
Marc Fagel, former SEC lawyer, June 2024, comments on social media
XRP price increases by 5%, a sign of market recovery?
XRP price has increased by 5% in the context of Ripple strengthening its position through collaboration with BNY Mellon to manage RLUSD reserves, a turning point that enhances trust and connections with the traditional banking system.
Analyst Ali Martinez commented that XRP shows signs of breaking through an important technical pattern, with potential gains up to $2.60, opening up greater recovery expectations for this cryptocurrency.
Criteria Ripple (XRP) BTC ETH SEC Decision Confirmed not a security (2024) Stabilized Awaiting legal framework Bank reserves Collaboration with BNY Mellon for RLUSD Limited direct banking links Developing DeFi and Layer 2 Potential price increase 5% rise in the week, target $2.60 High volatility, many ATH Volatility due to ETH 2.0 update
Frequently asked questions
1. Why is Ripple's victory over the SEC important?
This victory establishes the first legal precedent proving that XRP is not a security, reducing legal risks for other cryptocurrency companies in the United States.
2. When will the Ripple and SEC lawsuit end?
It is expected to take another 1-2 months for the SEC to complete the voting process and for both parties to sign the agreement to end the appeal.
3. What impact does the lawsuit have on XRP's price?
Legal victory and banking collaboration help XRP price increase by 5%, opening up recovery possibilities according to technical analysis.
4. What is the current level of risk in the crypto market in the United States?
Unclear laws drive many investors and companies to move capital and human resources abroad, increasing risks for domestic consumers.
5. What does the collaboration with BNY Mellon mean for Ripple?
This is a significant step that helps Ripple improve liquidity and commercial credibility within the global traditional banking system.
Source: https://tintucbitcoin.com/xrp-thang-sec-tranh-chap-tiep-tuc/
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