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The case brought by the U.S. Securities and Exchange Commission (SEC) accusing Ripple Labs’ XRP token of being a security is expected to have a favorable outcome, according to Monica Long, president of Ripple Labs.
In a recent interview in public, Long expressed her “extremely hopeful” expectation that Ripple would win the lawsuit. The president of the payments company asserts that the cryptocurrency sector wants regulatory certainty and clarity from the US markets regulator even if she believes the SEC is unlikely to prevail in the action since “facts and the law” are on Ripple’s side.
We believe it is extremely improbable that the SEC would prevail in the litigation since, in our opinion, the law and the facts support our position.
In terms of the bigger picture of what’s going on with regulation in the US, we’re seeing more activity through enforcement rather than through the establishment of clear rules and regulations, which is what everyone in the sector truly wants.
A decision in the SEC complaint brought against the payments company, according to the president of Ripple, might be rendered before the end of 2023.
“Both Ripple and the SEC have submitted their requests for summary judgment in connection with the SEC action. In light of this, the judge must now make a decision.We are hopeful that a successful settlement will be made there this year.”
The Ripple president claims that the recent cryptocurrency rise is evidence that blockchain technology and crypto assets are here to stay, even in the midst of a banking crisis that has resulted in the closure of crypto-friendly banks.
I believe what we are seeing is that Bitcoin and the cryptocurrency sector as a whole are here to stay. Even in light of recent developments involving American banks… In light of those three banks, I believe the cryptocurrency markets have demonstrated tremendous resiliency.
Among American banks, Silicon Valley Bank, Silvergate, and Signature were the most supportive of cryptocurrencies. Overnight, crypto in the US basically lost access to banking, cutting off those US dollar on-ramps. Nonetheless, the industry has managed to not only survive but also sort of come back.
No shortage of topics to dive into w/ @ArjunKharpal @SquawkBoxEurope live at #PBW2023 – Ripple’s continued hiring and traction in APAC & EU, crypto’s resilience despite its main 3 US banks collapsing, and everyone’s favorite – regulation! https://t.co/et11UJoOMN
— Monica Long (@MonicaLongSF) March 22, 2023
Related
- CEO of Ripple Warns of Damage to Crypto Industry if SEC Wins XRP Case
- Ripple Brings In New President In Time For Final Judgment
- XRP Price Finds Support At $0.366 On SEC vs. Ripple Ruling, But Is It Enough To Fuel A New Bull Run?
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