Recently, the U.S. Supreme Court has denied Ripple’s petition to hear its argument that the U.S. Securities and Exchange Commission (SEC) failed to provide the necessary fair notice about Ripple (crypto XRP) being considered a security. This marks a significant setback for Ripple in its ongoing legal battle with the SEC.
The case dates back to December 2020, when the SEC filed a lawsuit against Ripple Labs and two of its executives, alleging that they had raised over $1.3 billion through the unregistered sale of XRP, which the SEC considers to be a security. Ripple has denied the allegations and argued that XRP is not a security but rather a currency or digital asset.
One of Ripple’s main arguments has been that the SEC did not provide fair notice to the industry that XRP could be considered a security. In its petition to the Supreme Court, Ripple argued that the SEC’s position on XRP was unclear until the lawsuit was filed, leaving market participants without the necessary guidance to comply with the law.
However, the Supreme Court’s denial of Ripple’s petition means that the case will continue in the lower courts. Ripple will have to defend itself against the SEC’s allegations that it sold unregistered securities to investors, which could result in significant penalties and damages.
The outcome of the case could have far-reaching implications for the broader cryptocurrency industry, as it could set a precedent for how regulators view and regulate cryptocurrencies. It remains to be seen how the case will play out, but it is likely to continue to be a closely watched and closely contested legal battle.
Ripple , xrp has been in limbo for years at this point. The xrp price of the token didn’t gain much momentum even with some great partnerships and development. Coinbase and various other US based crypto exchanges do not support xrp and this will be the case till SEC lifts the case with some form of resolution. It looks unfair for Ripple as there is no answer to their existence at this point.
Ripple is not favored by crypto community nor from the governments even thought they probably have a full fledged working product in the blockchain space
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