Gary Gensler's SEC Appeals 2023 Ruling Against Ripple Labs — XRP Tanks 10%: Just Prolongs 'Complete Embarassment' For Agency Says Company Exec (UPDATED)
Portfolio Pulse from Aniket Verma
The SEC has appealed a 2023 ruling in its legal battle against Ripple Labs, which had dismissed broader claims about XRP sales. The appeal aims to overturn a decision that deemed XRP sales to retail clients as legal. Ripple's executives criticized the SEC's move, calling it an embarrassment. The appeal coincides with Bitwise Asset Management's filing for the first-ever XRP ETF in the U.S. XRP's price dropped over 10% following the news.
October 03, 2024 | 5:42 am
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NEGATIVE IMPACT
The SEC's appeal against the 2023 ruling on XRP sales has led to a significant drop in XRP's price, falling over 10%. Ripple executives criticize the SEC's decision, which they see as damaging to the agency's credibility.
The SEC's appeal introduces uncertainty and prolongs the legal battle, negatively impacting investor sentiment and causing a significant drop in XRP's price. Ripple's criticism of the SEC further highlights the contentious nature of the case.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100