Outside the U.S. Securities and Exchange Commission (SEC) offices, Ripple CEO Brad Garlinghouse posed for a photo. Stuart Alderoty, general counsel for Garlinghouse and Ripple, is seen shrugging in the viral snapshot that gained over 500,000 views and almost 9,000 likes in a short period of time on the X social networking site.
https://x.com/bgarlinghouse/status/1704241658852987340?s=20
Earlier protests and a SCOTUS sighting
The picture session takes place in the midst of previous hostilities between Ripple and the SEC. The legal status of Ripple’s XRP coin and the regulator’s classification of securities have been the subject of a legal dispute.
The “XRP Army,” or the XRP community, previously organised a demonstration outside the SEC’s offices in 2019. With slogans like “Stop Crypto Hypocrisy” and “Cryptocurrency Is Not a Crime,” protesters called for a halt to what they see as the regulatory agency’s campaign against cryptocurrencies.
Alderoty had before emphasised the need for legislative clarity by posting a picture of himself and Garlinghouse in front of the Supreme Court of the United States (SCOTUS).
https://x.com/s_alderoty/status/1704195394429931683?s=20
Ripple’s partial victory and SEC’s appeal
This summer, XRP saw a big price increase as a result of Ripple’s partial legal triumph. The selling of Ripple’s XRP coins on exchanges did not constitute investment contracts, according to a U.S. District Court judge, and did not, therefore, violate federal securities laws.
Despite the initial surge, which was sparked by a flurry of exchange relistings, XRP has subsequently given up those gains. According to statistics from CoinGecko, the coin is now trading at $0.52 after briefly falling under $0.50.
In its appeal of the decision, the SEC argues for a stricter categorization of XRP transactions as securities transactions. Legal experts have differing opinions on the matter; while some consider the judge’s ruling as a step towards regulatory clarity, others claim it is not a conclusive settlement.
