By
Steve Muchoki
May 9th, 2024
Top voices in the crypto industry have continued to criticize the US government and its approach toward regulation.
American crypto firm Ripple has said that its ongoing lawsuit with the US Securities and Exchange Commission (SEC) may be a blessing in disguise. The firm’s president, Monica Long revealed this in a recent tell-it-all interview with CNBC.
Recall that the SEC first came after Ripple in 2020, accusing the firm of violating federal securities laws. At the time, the regulator said Ripple sold $1.3 billion of its native cryptocurrency XRP, even though it didn’t register the token as a security.
While the case has dragged on for nearly three years, Long believes that Ripple might already have all the clarity it needs. That is according to a July ruling when US District Judge Analisa Torres determined that XRP was not necessarily a security.
The SEC has also requested permission from Judge Torres to file an interlocutory appeal. However, as of press time, the request is yet to be decided upon.
Nonetheless, Ripple’s legal team believes that the reason for the SEC’s appeal request is nothing more than dissatisfaction. That is as it concerns Judge Torres’ July ruling.
Ripple Eyes Global Expansion as Lack of Clarity Beclouds Regulatory Terrain in the US
According to Long, the recent ruling opens up a rare opportunity for Ripple to take its business beyond the shores of the United States, therefore, establishing itself more globally.
Meanwhile, several other crypto firms are also embroiled in similar lawsuits with the SEC. The likes of Binance, Coinbase, and many others are also currently tussling with the regulator over allegations closely related to Ripple’s.
But it might be worth noting that top voices in the crypto industry have continued to criticize the US government and its approach toward regulation. Particularly in the sense that it lacks clarity.
On many occasions, firms have even claimed that the SEC might be more interested in exerting authority than protecting investors. This has caused Ripple, Coinbase, and many more crypto firms like them to consider leaving the US.
In any case, Ripple’s president assures that the firm is intent on pursuing the ongoing lawsuit to a logical conclusion.
“We are planning to continue to fight the case all the way through,” said he.