- November 15, 2023
- Posted by: legaleseblogger
- Category: Related News
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Welcome to the JWK show! Thank you for tuning in. Today, we’ll be discussing the latest developments in the Ripple versus SEC case. The SEC is requesting a 90-day period to conduct discoveries related to remedies, which means there might be more waiting ahead. However, John Iden has suggested that Ripple could potentially settle with a fine of $20 million or less instead of the current $770 million. This is a significant decrease, and it seems like Ripple has the upper hand in this situation, especially with Eth Gate being exposed. It seems like we’re reaching the last stages of this case, and there is talk about the possibility of a settlement. Stella on Queen Desk has stated that the case will settle quickly if the SEC acknowledges that Ripple’s sales, distributions of XRP, and its trading in the secondary market do not constitute a security.
On this topic, Brad Garlinghouse, the CEO of Ripple Labs, has also weighed in. He mentioned that the SEC’s lawsuit against Ripple is not just an attack on the company but on the entire crypto industry. He believes that this recent development is a huge win not only for Ripple but for the entire industry. It challenges the SEC’s narrative and could potentially drive the legislative process to create clear laws for digital assets, providing a set of rules for entrepreneurs to follow.
In terms of regulation, there is a gap that needs to be addressed, according to Brad. He feels that the SEC’s approach has stifled innovation in the United States and that having clear rules of the road would allow for investment and entrepreneurial growth. However, the recent ruling does bring clarity to the status of XRP as a non-security when traded on exchanges and used for payment. This could be a positive step in the right direction for the crypto industry.
In light of this, there have been discussions about the UK Financial Conduct Authority’s new proposed rules on crypto assets and how the US needs to provide leadership and clarity similar to what’s being seen in other countries. It’s clear that there is a need for legislative action to provide the necessary clarity and regulation for the crypto industry.
Ultimately, the recent developments in the Ripple versus SEC case have sparked discussions about the need for clarity, regulation, and legislative action in the crypto industry. While there has been progress in establishing the status of certain cryptocurrencies, there is still a long road ahead to ensure that the industry can thrive under clear and fair regulations.
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