Ripple vs. SEC: What is the Latest Update as of September 22nd, 2023?

Ripple Vs. SEC

A few of the industry’s well-known analysts have offered their opinions as the crypto space waits for the resolution of the highly publicized court case in which the United States Securities and Exchange Commission (SEC) has accused Ripple of selling XRP as unregistered securities without authorization.

Regarding the timeline for Judge Analisa Torres’ judgment on the SEC’s appeal request in particular, attorney Bill Morgan responded to a follower’s question by stating that her decision should be imminent, as he indicated in an X post that was released on September 19.

Update on NYDFS Delisting

Morgan also addressed the New York Department of Financial Services’ (NYDFS) decision to remove XRP from its list of recognized cryptocurrencies. 

He noted that “a court ruling by a judge that a crypto asset is not itself a security has less weight for other US regulators than a speech by a senior SEC official about another crypto that the SEC itself disowned as expressing its official position.”

Later, the legal expert also made the decision to clarify some misunderstandings surrounding the removal, asserting that this did not constitute an XRP ban and that it did not indicate an impossibility of approval “for custody or sale by a holder of a Bitlicence,” but rather that it “adds to the regulatory burden,” as he specifically stated in an X post shared on September 20.

It’s interesting to note, as Morgan has also mentioned that since June 2016, one of Ripple’s companies, Ripple Marktes DE LLC, has been listed as possessing a virtual currency license.

Read Also: Pro-XRP Lawyer Raises Concerns Over XRP vs. SEC Court Ruling and (DFS) Recent Updates 

Is Ripple Still Winning?

Additionally, he emphasized that Ripple is winning the regularity certainty battles. According to his statement, the major problem for Ripple is that SEC wants the sales of XRP to be registered under the Securities Act.

Besides, John E. Deaton, a legal expert and amicus curiae for Ripple, condemned the delisting of XRP. He said sarcastically that “no, this decision isn’t political or punitive in nature.”

As of press time, the price of the XRP coin, which has been at the focus of the current legal dispute, was $0.5076. 

According to the most recent statistics, this reflects a decline of 1.11% over the previous 24 hours, a gain of 1% over the prior 7 days, and a decline of 2.61% over its monthly chart.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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