Ripple settled the XRP security case for $25 million instead of $2 billion. While Ripple can operate abroad, U.S. institutions cannot buy XRP!
Ripple's lengthy legal battle with the SEC has come to a close with varying outcomes. Ripple settled the XRP security case for $25 million, significantly lower than the initial $2 billion claim. While Ripple is now able to operate internationally, U.S. institutions are still barred from purchasing XRP.
However, the case took an unexpected turn with pro-crypto attorney John Deaton's recent statement, in which he accused SEC lawyers of intentional misconduct. As a prominent figure in the XRP community, Deaton believes that the SEC's legal team engaged in unethical behavior during the case and has called for those involved to be fired. His comments have sparked ongoing discussions in the crypto space, especially as the community awaits the final ruling.
Allegations of Misconduct by SEC Lawyers
In a recent YouTube video, John Deaton claimed that the SEC's legal team intentionally misled the court during the Ripple lawsuit. He expressed frustration over what he described as blatant misconduct, stating that the individuals responsible should face severe consequences, including termination. Despite the SEC's apology for mischaracterizing XRP, which raised doubts about their regulatory approach, Deaton believes that the SEC's actions went beyond typical legal strategy and crossed into unethical territory.
Deaton's statements resonated with the XRP community, which has long been critical of the SEC's regulation of the cryptocurrency industry. His remarks come at a time when there is increasing speculation about whether the SEC will appeal the ruling in the Ripple case.
Ripple Settles for $125 Million, Awaiting SEC Appeal
After a legal battle that spanned several years, Ripple settled its case with the SEC for $125 million. The court granted Ripple a temporary stay on the financial portion of the ruling, and since then, there has been no indication of an appeal from the SEC. XRP holders are anxiously awaiting the next move from the regulator, which could greatly impact the token's legal status.
If the SEC decides to appeal the ruling, it could potentially alter the classification of XRP as “not a security” in secondary market transactions. This decision was a major victory for Ripple and the broader crypto industry, as it clarified XRP's regulatory status. However, that clarity could be at risk if the SEC challenges the decision in a higher court.
Current Market Status of XRP
As the legal battle concludes, XRP's price has experienced fluctuations. At the time of writing, XRP is trading at $0.58, down 2% on the day. Despite the dip, the token remains resilient, with the community largely optimistic about its future, especially given the ongoing legal clarity surrounding its status. However, any future actions by the SEC could have significant implications for both Ripple and XRP.
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