- Ripple’s legal battle with the SEC is nearing a faster resolution as the court grants an expedited final judgment.
- The court agreed to Ripple’s appeal to amend parts of the judgment, with the appeal on hold for 30 days.
- This ruling bolsters Ripple’s position and reflects broader debates on whether cryptocurrencies like XRP should be classified as assets or securities.
Ripple Labs’ long-running legal battle against the United States Securities and Exchange Commission could be heading to a final episode sooner than expected.
This week, Ripple scored yet again after the U.S. court approved a motion to issue a final judgment earlier than anticipated. The court granted unopposed motion to the expedition of the decision after both parties agreed that there was no reason to delay it further.
The court also agreed to Ripple’s appeal to change parts of the judgment, and this appeal will be on hold for 30 days until all changes are finalized.
As a refresher, the lawsuit accuses Ripple Labs and its CEO Brad Garlinghouse of violating Sections 12 and 15 of the Securities Act for the unregistered offer and sale of securities; and offer the sales of unregistered securities.
This development uncovered one of the hottest debates in cryptocurrencies ever of whether altcoins like Ethereum and XRP should be classified as assets or securities. The overwhelming majority of the market believes XRP to be an asset — but its great opposition, SEC chair Gary Gensler has fought nail and tooth to prove otherwise.
The timing of the lawsuit resolution couldn’t have been better for Ripple. After nearly 4 years in office, Gensler is expected to step down as SEC Chair by January 2025, when the new President Donald Trump takes office.
Following Donald Trump’s pro-crypto stance during the campaign, the new SEC Chair is expected to be a lot less combative than its predecessor.
News of the court decision boosted Ripple’s crypto XRP to an intraday increase of 2.37% in value. At this time of writing, the currency trades at $1.46 according tot CoinMarketCap, looking to regain the recent milestone of dollar-and-fifty.
