Ripple’s case against the United States Securities and Exchange Commission has been one of the most heavily discussed topics within the cryptocurrency community (and perhaps beyond it) for a while now.
We did a case update on September 11, which you can check here.
In short, the SEC recently appealed against the court’s decision that most of Ripple’s XRP sales (secondary) did not constitute an offer of unregistered securities. The presiding Judge – Analisa Torres – ruled that sales classified as “other distributions” do not violate securities laws. These include offers and sales of XRP in exchange for goods and services.
This was largely perceived by the market as a win for Ripple, and the price of XRP skyrocketed, almost doubling immediately after.
More recently, the President of Ripple – Monica Long – spoke to CNBC about the SEC’s appeal, saying that they plan to fight the case until the very end.
We are planning to continue to fight the case all the way through. – Said Long.
More importantly, though, she underscored the importance of the recent ruling, saying that it will allow Ripple to expand globally.
We also got clarity in that lawsuit. And the judge’s order in that case said very clearly XRP in and of itself is not a security, which kind of opens the doors to us to really expand our business – not just in the US but even more globally.
As CryptoPotato reported yesterday, Brad Garlinghouse, the CEO of Ripple, revealed in a recent interview that 80% of the crypto firm’s staff hiring will happen outside of the US.