The price of XRP has begun to move on its own as a major development in the legal battle between payment firm Ripple vs the United States Securities and Exchange Commission (SEC) occurs.
In other words, Ripple will be able to argue that the regulator failed to notify it that XRP and his public sails would violate US law. According to Bitcoinist, the payment business has contacted the SEC about its token sale.
However, the company claims the fails to provide regulatory clarity regarding XRP. There are records of two different assessments from law firm Perkins Coie on the legality of the company’s token issuance that support Ripple’s position.
The reports seek to indicate that Ripple seeks legal guidance before to sales as far back as 2021. The report might potentially be used to show that Ripple adjusted its business strategy in order to comply with US laws. Ripple’s General Counselor, Stuart Alderoy, announced the following in response to today’s court decision:
“Today’s order makes it clear there’s a serious question whether the SEC ever provided Ripple with fair notice that its distributions of XRP – since 2013 – would ever be prohibited under the securities law. Good to see the Judge rejecting the SEC’s attempt to prevent Ripple from pursuing its fair notice defense. It’s even more imperative that the sun sets on the SEC’s “regulation by enforcement” approach.”
The XRP community has applauded the recent court verdict, believing it would provide them an advantage over the regulator. Jeremy Hogan, a legal expert, has the following to say about this development:
I know you’ve been working on the pending rulings in the Ripple v. SEC case this week. On behalf of myself and certain other interested parties, we’d really like to get those rulings TODAY if possible (…). BOOM! (And I don’t use that term lightly) The SEC’s Motion to Strike the Fair Notice Defense is DENIED. This is the one I’ve been waiting for. NOW the SEC has something to lose.
As a result of these recent events, XRP is currently trading on an upswing at lower timeframes. After a lengthy break, the cryptocurrency has suddenly re-entered the top 5 by market valuation. Despite a huge victory, the legal war, according to the aforementioned expert, continues.
As of press time, XRP is trading at $0.80, representing a 9.1% gain in the previous 24 hours. The cryptocurrency was once ranked third in terms of market capitalization, after only BTC and ETH. It remains to be seen if it will restore its position.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews