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Thinking Crypto News & Interviews
🚨WARNING! SEC APPEALS RIPPLE XRP CASE RULING & ENFORCEMENT DIRECTOR QUITS!
Oct 3, 2024
Gurbir S. Grewal, the former SEC Director of the Division of Enforcement, discusses his resignation and its implications for cryptocurrency regulation. The SEC’s recent appeal of Judge Torres's ruling on XRP raises questions about the future of XRP ETFs. They dive into the complexities of Ripple's legal battles, the political dynamics surrounding crypto legislation, and the potential impact of upcoming bills on the crypto market. The conversation sheds light on shifting perspectives within regulatory bodies and the confidence in XRP trading.
12:52
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Quick takeaways
- The SEC's appeal against the Ripple ruling highlights ongoing tensions in cryptocurrency regulation, specifically regarding the classification of XRP.
- The resignation of SEC's Enforcement Director amid increased congressional support for crypto legislation signals potential shifts in regulatory attitudes towards digital assets.
Deep dives
SEC's Appeal on Ripple Lawsuit
The SEC has filed an appeal against Judge Torres's ruling in the Ripple lawsuit, which determined that secondary sales of XRP are not classified as securities. While the ruling declared that institutional sales do count as securities transactions due to the existence of contracts, the decision that the token itself is not a security was a significant victory for Ripple. Ripple's CEO, Brad Garlinghouse, expressed frustration with the SEC's continued pursuit, asserting that the ruling on XRP's status as a non-security is now established law. Despite the appeal, there is confidence within the industry that it will not lead to exchanges delisting XRP, as the legal landscape has evolved since previous regulatory actions in 2020.
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