Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Debate Over XRP’s Security Status Continues Amid Ongoing Ripple Lawsuit

Debate Over XRP’s Security Status Continues Amid Ongoing Ripple Lawsuit

Cryptodnes2024/10/20 09:33
By:Cryptodnes

The classification of XRP as a security continues to stir debate within the crypto community, even after a clear ruling from the court.

In July 2023, Judge Analisa Torres stated that XRP is not a security when traded in secondary markets. Although the U.S. Securities and Exchange Commission (SEC) is appealing some aspects of this ruling, it has not challenged XRP’s classification as an asset.

Recently, the SEC submitted its Form C in the Ripple lawsuit, which has led to some confusion among community members regarding XRP’s status. To clarify, Ripple’s Chief Legal Officer, Stuart Alderoty, shared an analogy to illustrate his point.

He posted two images: one featured a ticket for Taylor Swift’s Eras Tour at Hard Rock Stadium, while the other prominently stated, “XRP IS NOT A SECURITY.” In his comments, Alderoty emphasized that just as the secondary market for the Taylor Swift ticket doesn’t make it a security, the same logic applies to trading cryptocurrencies.

READ MORE:
70% of Institutional Ethereum Investors Engage in Staking

He remarked, “Not every market is a securities market.” This post sparked considerable engagement on X, with notable figures like Coinbase’s CLO Paul Grewal humorously pointing out that Taylor Swift doesn’t endorse her tickets, a nod to regulators’ definitions of securities as assets that yield benefits through the efforts of others.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Major Cryptocurrency Platform to Airdrop Tokens Gets French Crackdown – What Happens Now?

This is the first regulatory sanction for the platform, which has become especially popular after the US Presidential Elections.

Bitcoinsistemi2024/11/23 11:00

Date Revealed for New Cryptocurrency Laws Reform in the UK

The UK is set to introduce some radical changes to crypto and stablecoin regulation in the new year.

Bitcoinsistemi2024/11/23 11:00

Donald Trump’s Pick for US Treasury Secretary is Announced – Here Are His Cryptocurrency Views

US President-elect Donald Trump's choice for Treasury Secretary has finally been announced.

Bitcoinsistemi2024/11/23 11:00