2024-8-22 01:15 |
Industry experts have been commenting about the ongoing legal battle between Ripple and the SEC as reported by Coin Graph Market, a YouTube channel with more than 7,000 subscribers.
One of the major discussions now is whether XRP is a security or not, according to US law. This decision could affect the price of XRP and how other cryptos are treated in America.
Ripple’s lawyer Stuart Alderoty said that the court already ruled XRP is not a security by itself, just like gold isn’t a security just because you can trade it. This means something isn’t automatically a security just because you can trade it according to US security laws.
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Show more +Show less –But not everyone agrees with this. The CEO of Better Markets, Dennis Kelleher, strongly disagrees with Ripple. He thinks that if the SEC appeals the court decision, they have a 90% chance of winning.
He believes the last ruling got the law backwards by focusing more on protecting sophisticated investors instead of regular people, which is against what security laws are meant to do.
According to Kelleher, Judge Analisa Torres, who presided over the case, made a baseless decision that contradicts the rulings of other respected judges.
Despite Kelleher’s assertions, Alderoty remains confident in the original ruling. He points out that the U.S. Court of Appeals reverses lower court decisions in less than 10% of cases, suggesting that the SEC’s chances of overturning the decision are slim.
Alderoty also accuses the SEC of overreaching in its enforcement actions, arguing that the agency should focus on its core mission of protecting investors rather than pursuing cases with a higher level of scrutiny where no harm has been demonstrated.
Read Also: Crypto Trader Warns Polygon Holders – Is MATIC Price Set for Correction Amid Bullish Signals?
The stakes in this legal battle are high. If the SEC succeeds in its appeal, it could set a precedent for treating a wide range of cryptocurrencies as securities, subjecting them to strict regulatory oversight.
On the other hand, if ripple prevails, it could pave the way for greater freedom in the cryptocurrency market, reducing regulatory uncertainty for other digital assets.
XRP Price PredictionAccording to Coin Graph Market, various analysts have been making predictions about XRP, as many anticipate major spikes in the next few months. Some believe that XRP price could skyrocket beyond anything seen before.
The speaker mentioned that Brett Hill said that XRP could reach $10,000. Even though that number seems very high, it shows how hopeful many people are about the price of XRP increasing.
Hill’s view comes from believing that XRP will become very successful, much more than what many investors think is realistic.
He does not agree with the idea of XRP being worth $15 or even $1,000. Instead, he says its real value could rocket to $10,000. This is not just about guessing prices; it’s about believing in Ripple’s goal to change the global financial system in a big way.
Also, recent events in the market show more of XRP’s potential. A big investor put $500 million into XRP. This shows that some of the largest players in crypto think XRP will do very well.
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