SEC Chair Avoids Queries on Next Move After Ripple’s Victory in XRP Dispute
Summary: SEC Chair Gary Gensler remained silent on the agency's next move in light of Judge Analisa Torres' Summary Judgement in favor of Ripple in the XRP vs. SEC dispute. The court determined that the XRP token is a security only when sold to institutional investors, allowing Ripple to legally offer its XRP coin for sale on public exchanges.
SEC Chair Gary Gensler avoided queries on Thursday about the agency’s next move in light of Judge Analisa Torres’ Summary Judgement in favor of Ripple in the XRP vs. SEC dispute. During an interview with Bloomberg TV, he was asked whether the SEC planned to appeal the verdict.
Gensler has voiced their displeasure with the XRP finding, and in the litigation between Terraform Labs and the US SEC, the regulatory body formally said that it intended to seek additional review of the judgement in the Ripple dispute.
XRP Back on U.S Exchanges
In a ruling dated July 13, 2023, the court determined that the XRP token constitutes a security only when sold to institutional investors. As a result, Ripple may legally offer its XRP coin for sale on public exchanges without worrying about breaking federal securities legislation. As a result, XRP was once again available on several U.S.-based cryptocurrency exchanges, including Coinbase.
Planning Something Big?
Gensler has been keeping silent on the matter, claiming that the US SEC has not yet decided whether or not to appeal the Summary Judgement. Despite the XRP judgement, he said, the cryptocurrency market was still operating illegally.
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Several versions of the US SEC’s proposed action plan and potential obstacles to a win for Ripple in the ultimate judgement in the litigation have been presented to investors in recent weeks. An SEC appeal against the XRP verdict is not necessarily bad news for Ripple, according to attorney John E. Deaton, who represents thousands of token holders.