2023-11-21 21:00 |
The US SEC, in its lawsuit against Kraken, has deliberately excluded XRP from the list of cryptocurrencies it has classified as securities. The action has sparked speculation in the crypto community about a potential victory for XRP given the regulator’s decision to not categorize XRP as a security in its filing.
XRP Omitted From SEC Securities ListThe United States Securities and Exchange Commission (SEC) has made alarming allegations against crypto exchange Kraken. In its filing, the regulatory agency accused Kraken of unlawfully trading several cryptocurrencies in its exchange.
“Throughout the Relevant Period, Kraken has made available for trading many “crypto assets “securities.” These crypto asset securities are investment contracts represented by the underlying crypto asset,” the filing stated.
Among the list of cryptocurrencies mentioned in the filing, XRP was strategically omitted while cryptocurrencies like Cardano, Polygon MATIC, Algorand, Near Protocol, Decentraland, Solana, and others were categorized as securities according to the SEC.
“In fact, Kraken currently makes available for trading crypto assets that have been the subject of prior SEC enforcement actions based upon their status as crypto asset securities, including crypto assets trading under the symbols ADA, AXS, ALGO, ATOM, CHZ, COTI, DASH, FIL, FLOW, ICP, MANA, MATIC, NEAR, OMG, SAND, and SOL, which were alleged in one or more of the following actions against other unregistered intermediaries,” The SEC stated.
Many XRP community members are likely to view this exclusion of XRP in SEC’s securities list as a validation of Ripple’s position as a global payments network.
At the same time, it may serve as a potential confirmation of XRP’s identity as a non-security, as determined by Judge Analisa Torres’ ruling earlier in July which stated that programmatic sales of XRP were not unregistered securities offerings. Overall, it remains to be seen if this omission will have an impact on the ongoing lawsuit between the US SEC and XRP.
XRP Price Stagnant Despite SEC Securities List ExclusionThe price of XRP, the native token of the Ripple Network, has been noticeably stagnant despite not being named in the recent lawsuit filed by the SEC against Kraken. The cryptocurrency is down by 2.22% at the time of writing and presently trading at $0.6139 according to CoinMarketCap.
The slow price movement comes as a disappointment to many XRP community members, as they hoped for a positive change in the value of XRP following the exclusion.
Popular XRP advocate and Lawyer, Bill Morgan took to X (formerly Twitter) recently to publish a chart of the current value of XRP, highlighting its declining state despite the recent developments.
“XRP’s price today, and it wasn’t named as a crypto asset security in the SEC v Kraken lawsuit,” Morgan stated.
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