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Renowned UK newspaper The Times publishes an article regarding Judge Analisa Torres court ruling on the legal tussle between the U.S. SEC and Ripple.
In a recent tweet, XRP community figure Digital Asset Investor called the public’s attention to the newspaper publication. The community member attached a photo of the article, highlighting the newspaper’s comment on the XRP ruling.
👀👀👀 pic.twitter.com/MyqUgwEDs3
— Digital Asset Investor (@digitalassetbuy) December 29, 2024
The Times Publication on XRP Ruling
The article, published yesterday under the heading ‘Judging Crypto’s True Value,’ discussed how the outcome of the U.S. election impacted the value of XRP and pointed out that XRP’s fortunes are closely tied to the legal dispute between the SEC and Ripple.
The newspaper provided an overview of the lawsuit, revealing how it started. According to The Times, the SEC accused Ripple of violating securities laws by issuing XRP without obtaining regulatory approval.
Following the summary judgment last year, the SEC sought $2 million in penalties from Ripple in March 2024. However, The Times emphasized that Judge Torres imposed a $125 million fine against Ripple in August.
The newspaper emphasized that the lawsuit hinges on XRP’s regulatory treatment, focusing mainly on whether it should be classed as a security. Interestingly, it referenced the opinions of crypto bulls who think the lawsuit is part of the SEC’s aggressive stance against crypto under Gary Gensler’s leadership.
In addition, The Times noted that U.S. President-elect Donald Trump chose pro-crypto advocate Paul Atkins as Gensler’s replacement.
XRP Outstanding Performance After Trump Victory
Furthermore, the newspaper highlighted XRP’s impressive performance since Donald Trump’s reelection. This has seen its value quadruple, pushing it to fourth place in the global crypto ranking.
Specifically, the price of XRP surged from around $0.55 to $2.86 in one month, marking a hefty surge of 420%. XRP’s outstanding performance reflects optimism about potential favorable regulation under Trump’s administration.
Current Status of Ripple Lawsuit
In October, the SEC officially filed the lawsuit in the U.S. Court of Appeals for the Second Circuit. It hopes to overturn Judge Torres’ ruling on programmatic sales and other distributions of XRP, which were deemed non-securities.
The Wall Street watchdog will officially file its appellate brief on or before January 15, 2025, a few days before Trump’s inauguration.
Despite this, legal experts still believe the new SEC leadership can dismiss the lawsuit at any time. Attorney Fred Rispoli speculated that the new leadership could agree to settle its lawsuit against Ripple via a less aggressive stance.
He stated that the SEC might accept a lesser fine from Ripple than the $125 million penalty Judge Torres ordered the company to pay. It remains unclear whether the Ripple lawsuit will be resolved through a settlement under Atkins’ leadership.
At press time, XRP is priced at $2.07, reflecting a decline of 5.35% in 24 hours.