Court Ruling Clears Ripple's XRP Token, Potentially Shifting Regulatory Landscape
Summary:
Court ruling clears Ripple's XRP token as non-security, suggesting easing regulatory scrutiny. Ripple CTO optimistic about positive implications for crypto-related lawsuits. Relisting of XRP on exchanges seen as significant for the entire ecosystem. SEC faces pushback from Coinbase and other companies, potentially prompting legislative changes. Ripple's Apex conference highlights development within XRP Ledger ecosystem.
In a significant court ruling, Ripple's XRP token has been deemed not to be a security offering, potentially signaling a shift in the regulatory scrutiny faced by the cryptocurrency industry in the United States. This ruling could have positive implications for ongoing lawsuits involving Coinbase, Binance.US, and pending ETF applications. Ripple's CTO, David Schwartz, spoke exclusively to Cointelegraph during the company's annual Apex developer conference in Amsterdam, expressing his views on the potential precedent set by the federal judge's ruling. Schwartz acknowledged that the SEC case had affected Ripple's business deals and ecosystem support due to the delisting of XRP from major exchanges. However, the recent ruling has allowed exchanges to relist XRP and has had a positive impact on the entire cryptocurrency ecosystem. According to Schwartz, the prevailing sentiment in the United States is prompting crypto ecosystem participants to consider relocating to other jurisdictions with less regulatory uncertainty. He also highlighted that the SEC's scrutiny is extending to other prominent cryptocurrencies like Solana, Cardano, and Polygon, which were labeled as unregistered securities in the SEC's lawsuits against Coinbase. Schwartz believes that U.S. judges are becoming more skeptical of the SEC's cases, and companies with resources are pushing back, leading to potential positive changes at the legislative level. The Apex conference focuses on developers working within Ripple's XRP Ledger blockchain ecosystem, which underpins RippleNet, the platform responsible for managing the XRP payments system.
Published At
9/7/2023 2:47:30 PM
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