Ripple’s chief legal officer Stuart Alderoty reflects on the first anniversary of the landmark XRP ruling, emphasizing its significance for the crypto industry. The ruling declared that XRP is not a security, marking a pivotal moment for Ripple and the broader market.
Points
- Anniversary of the XRP ruling.
- XRP declared not a security.
- Ripple’s commitment to defending the crypto industry.
- Increased investor interest and price surge.
- Ripple CEO Brad Garlinghouse’s reflections.
Ripple’s chief legal officer Stuart Alderoty shared his reflections on the first anniversary of the landmark XRP ruling. On July 13, 2023, the court ruled that XRP is not a security, marking a significant moment for Ripple and the broader cryptocurrency industry. Alderoty described the ruling as a watershed moment:
“It was a watershed moment to find as a matter of law, a token – in this case, XRP – in and of itself, is not a security.”
Alderoty also highlighted policymakers’ frustration with the slow legislative progress, warning that the U.S. risks falling behind in the global crypto innovation race. Ripple CEO Brad Garlinghouse echoed these sentiments, describing the events of July 13, 2023, as a significant victory for Ripple and the crypto industry.
In his post, Garlinghouse reaffirmed Ripple’s commitment to defending the industry against the SEC’s actions, emphasizing the company’s belief in being on the right side of the law and history:
“We had the conviction to fight the bully that has harassed and executed an unlawful war on our industry. We knew we were on the right side of the law and that we would be on the right side of history.”
Despite the ongoing battle with the SEC, the anniversary of the ruling has renewed investor interest in XRP. In the 24 hours preceding the anniversary, the value of XRP surged by 12.4%, breaking the critical $0.5 resistance level and leading the recovery of the broader altcoin market. XRP’s price, which had fallen to a yearly low of $0.3984 earlier this month, has gained 19% over the past week.
解説
- The ruling that XRP is not a security has significant implications for the crypto industry, potentially setting a precedent for other cryptocurrencies.
- Ripple’s commitment to defending the industry highlights the ongoing regulatory challenges faced by the crypto market.
- The surge in XRP’s price following the anniversary of the ruling demonstrates renewed investor confidence and interest.
- Policymakers’ frustration with slow legislative progress suggests a need for clearer regulatory frameworks to support crypto innovation.