Reactions continue to trail the recent Court ruling that XRP is not a security (in some cases at least). One of the most relevant reactions, as should be expected, is coming from the CEO of Ripple, Brad Garlinghouse. According to him, the ruling is a historic one, not just for Ripple and XRP but for the entire crypto industry.
For years, the Security and Exchange Commission (SEC) has been mounting pressure on cryptocurrency companies, trying to regulate crypto in the harshest manner. The ruling is expected to put a stop to their continued attempt to regulate crypto through intimidation and enforcement. It has also resulted in a sharp increase in XRP price.
SEC vs. Ripple
While Ripple is not the first company in the crypto niche to be taken to court by the Securities and Exchange Commission, it is to first to secure a favorable judgment. It is proper, therefore, to regard the ruling as a historic one for the crypto industry.
By affirming that XRP is not necessarily a security, the Court has provided some sort of legal backing to cryptocurrencies and crypto companies. It has also given the CEOs of these companies the go-ahead to continue in their innovative endeavors to change the global finance industry for good.
The Court’s ruling also touches on other aspects of Ripple’s business dealings, affirming as a matter of law that:
- Ripple’s XRP sales on exchanges – not securities
- Ripple’s XRP distribution to developers, to charities, and to employees – not securities
- XRP sales by Ripple executives – not securities
The CEO Reacts
Ripple’s CEO and Chair, Brad Garlinghouse, was a party to the SEC lawsuit. It’s not surprising, therefore, that he was among the first industry executive to react to the ruling. According to him:
“The Court’s decision marks a historic occasion not only for the company but also for the crypto market at large. We’ve said since the earliest days of the lawsuit that Ripple would be on the right side of the law, and the right side of history. Progress is worth fighting for. This decision is a significant blow to the agency’s regulation by enforcement agenda, and I hope we will soon look back at this decision as the turning point for Congress to act and set clear rules of the road for crypto in the U.S.”
What We Can Expect Next
As hinted earlier, the favorable court ruling is already having a positive effect on the XRP price, as well as the general crypto market. Already, Ripple’s ‘New Value Report’ 2023 shows that 80% of Global Finance Leaders are ready to start using crypto in their businesses in the next three years. This is a clear indication that crypto may go mainstream sooner than expected.
The historic Court’s ruling is also expected to have a significant impact on the crypto market. For a start, crypto companies are already protected as a matter of law. The ruling will also improve trust within the industry. Investors and regular crypto users will enjoy peace of mind, transacting seamlessly in a digital, decentralized, and transparent global economy.
Wrapping Up
The historic court ruling that XRP is not a security has already yielded some positive results. XRP price has been on the rise since the ruling, and our algorithm-based XRP price prediction is looking really good. It is also expected that the effect will spread across the entire crypto market, as opined by the Ripple Chair in his reaction.
Source: https://coincodex.com/article/30355/ripple-ceo-says-courts-decision-in-xrp-lawsuit-is-historic-occasion-for-crypto-market/