The altcoin industry recently witnessed a groundbreaking ruling, marking a significant milestone for XRP. In a remarkable turn of events, XRP has now obtained a unique legal status in the United States, becoming the only altcoin to enjoy such certainty. This decision stemmed from a ruling by Judge Analisa Torres, shedding light on the token’s legal standing in the country.
Here’s a look at the judgement, the implications, and everything in between!
John Deaton’s Insights
Attorney John Deaton, a well-known crypto lawyer who has been advocating for numerous XRP holders amid the battle against the SEC, shared his thoughts with Digital Perspectives.
He offered a comprehensive perspective on this landmark judgment and its wide-ranging consequences, shedding light on the court’s rejection of the SEC’s interlocutory appeal request.
Attorney Deaton emphasized that such appeals are considered only if the appellate court hasn’t had the chance to review the case specifics. In this instance, the judge reviewed the facts meticulously before arriving at her conclusion. In his words, the judge gave the SEC a clear understanding and reaffirmed her initial decision.
Garlinghouse Chips In
Brad Garlinghouse, the face and CEO of Ripple, expressed his perspective on the judgment. Without mincing words, he communicated that the court had assessed the situation based on the SEC’s own Howey test criteria and determined that the SEC’s stance didn’t hold water. In other words, it completely lacked credibility of any sorts.
Read More: Judge Torres Slams SEC’s Inconsistency in Crypto Cases
The Market Reacts
The crypto market was quick to react to this judgment. Following the announcement of Judge Torres’ decision in favor of XRP, opposing the U.S. Securities and Exchange Commission’s assertion that XRP functions as a security, its price saw a boost. Although it touched the $0.55 mark, a minor dip was observed on October 4th.
Despite this volatility, XRP futures demand remained relatively steady, accompanied by a notable 13% surge in open interest compared to the previous day. However, it’s worth noting that the current $590 million open interest still lags behind last month’s peak of $794 million.
Also Read: XRP Lawsuit : Experts Believe There May Still Be Room for an Appeal in the SEC v. Ripple Case
As it stands, XRP is currently valued at $0.52.
What are your thoughts on Judge Torres’s decision? Has this made it easier for other crypto exchanges to battle the SEC in court?
Source: https://coinpedia.org/news/ripple-news-xrp-emerges-as-the-clear-winner-in-legal-clarity-among-u-s-altcoins/