Bittime - A new development in the legal battle between Ripple and the United States Securities and Exchange Commission (SEC) has once again heated up the XRP community. A recent study from the European Corporate Governance Institute (ECGI) strengthens the argument that XRP is a utility token, not a security, in favor of an American court ruling in July 2023.
The XRP Case and Its Impact
The Ripple vs. SEC trial has been in the spotlight in the crypto industry due to its long duration and significant implications. The ECGI study titled "Corporate Governance Meets Data and Technology" cites Ripple and XRP as examples of regulatory concerns related to token offerings, especially in the classification of tokens after fundraising methods such as Initial Coin Offerings (ICOs).
SEC Insists XRP is a Securities
Although a judge ruled in July that the sale of XRP on public exchanges does not constitute a security, the SEC remains adamant that it falls into the category of securities. Complexities arise in XRP's classification when sold directly to institutional investors, presenting confusion for regulatory bodies.
Legal expert Bill Morgan expressed his opinion that XRP is not inherently a security, but he warned that selling XRP in some way could turn it into a security.
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Clear Regulatory Needs
Crypto technology and distribution methods continue to evolve, and although court rulings provide little clarity regarding XRP, the landscape of token offerings remains unclear. It is clear that the crypto sector needs greater regulatory clarity. The ECGI study again highlights the complexity of making these classifications and distinctions.
SEC Chairman Gary Gensler argued that almost all cryptocurrencies are securities and fall under the jurisdiction of regulators. Despite overwhelming evidence to the SEC's stand, this securities regulatory body insisted on winning the case, as defeat would be a devastating blow to the SEC and would mean admitting that XRP is not a security.
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Latest Developments Ripple vs SEC
On March 22, the SEC began an initial defense against Ripple's recovery proposal. Ripple will present its defense on April 22, and the SEC will reply two weeks after on May 6.
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Also Read:
XRP Breakout: Latest XRP (XRP) Price Analysis and Prediction
Latest SEC vs Ripple Case: US Regulators Ask for IDR 31.6 Trillion Fine
XRP Price Fails to Reach $1, Due to Ripple vs SEC Case?
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