Ripple’s long legal battle with the SEC ended with mixed results. Ripple settled the XRP security case for $25 million instead of $2 billion. While Ripple can operate abroad, U.S. institutions cannot buy XRP!
However, per the latest update, the case has taken a new turn with pro-crypto attorney John Deaton accusing SEC lawyers of intentional misconduct. Deaton, a prominent figure in the XRP community, 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 fueled ongoing discussions in the crypto space, particularly as the community continues to digest the final ruling.
Alleged 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 individuals responsible should face serious consequences, including termination. Even though the SEC apologized for mischaracterizing XRP, raising doubts about its regulatory approach. According to Deaton, the SEC’s actions went beyond typical legal strategy, crossing 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 when speculation is growing over whether the SEC will appeal the ruling in the Ripple case.
Ripple’s $125 Million Settlement and No SEC Appeal
Ripple’s legal battle ended with a $125 million settlement, marking the conclusion of a multi-year dispute with the SEC. Ripple was granted a temporary stay on the financial part of the ruling, and since then, there has been no sign of an appeal from the SEC. The lack of an appeal has raised questions among XRP holders, who are closely watching for any moves from the regulator that could impact the token’s legal status.
If the SEC were to appeal the ruling, it could potentially redefine XRP’s classification as “not a security” in secondary market transactions. This decision has been a key win for Ripple and the broader crypto industry, clarifying XRP’s regulatory status. However, that clarity could be in jeopardy if the SEC challenges the decision in a higher court.
XRP Current Market Status
As the legal battle winds down, XRP’s price has fluctuated. 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.
Has this regulatory approach helped anyone? After a horrible past, the SEC should reconsider crypto laws!
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