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HomeFinance NewsKey Update on Ripple (XRP) Legal Battle Against SEC on Sep 29th

Key Update on Ripple (XRP) Legal Battle Against SEC on Sep 29th

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The legal battle between Ripple and the US Securities and Exchange Commission (SEC) is far from over, despite a partial victory for Ripple in mid-July. The conflict began in December 2020 when the SEC sued Ripple, claiming that the company violated securities laws by selling XRP to retail investors. Ripple won a major victory when a US court determined that the sale of XRP did not constitute an offer of investment contracts. This ruling caused a significant surge in XRP’s price. However, the SEC appealed the decision in September, creating ongoing uncertainty and causing XRP’s price to decline.

Amidst the legal battle, Ripple has hired prominent lawyers and professionals to represent the company, including former Assistant United States Attorney Rahul Mukhi and Lauren Belive, who previously worked at the White House under President Barack Obama. Belive has been appointed the Head of US Public Policy and Government at Ripple, and she will lead the organization’s engagement in Washington and nationally.

Gary Gensler, the Chairman of the SEC, recently participated in a congressional testimony where he reiterated his criticism of the digital asset sector, referring to individuals and companies in the industry as “hucksters.” When questioned about the SEC’s legal battle against Ripple, Gensler did not provide specific details but acknowledged that the dispute is ongoing. This silence echoes his previous refusal to directly answer questions about the classification of Ether (ETH) as a security or a commodity.

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