The XRP community is celebrating after receiving major support in its legal battle against the US Securities and Exchange Commission (SEC). The community has been eagerly awaiting a resolution to the ongoing lawsuit, which alleges that XRP is a security and that the company behind it, Ripple Labs, conducted an unregistered securities offering.
The latest update came in the form of a tweet from Paul Grewal, the Chief Legal Officer at Coinbase, who shared a document filed by the SEC in which it appears to be backtracking on its previous claims about XRP. The document, which was filed in response to a motion to dismiss the case by Ripple, suggests that the SEC is now admitting that it did not previously have clear guidance on whether XRP is a security.
Today, we filed a narrow action in the U.S. Circuit Court to compel the SEC to respond “yes or no” to a rulemaking petition we filed with them last July asking them to provide regulatory guidance for the crypto industry. 1/4 https://t.co/rlsS1DIFfl
— paulgrewal.eth (@iampaulgrewal) April 25, 2023
XRP Community Jubilates As They Gain Major Support In The Ongoing Lawsuit
The XRP community has been quick to celebrate this news, with many taking to social media to express their excitement and optimism about the future of XRP. The price of XRP has also seen a significant increase following the news, with many investors seeing this as a positive sign for the cryptocurrency.
According to attorney Hogan, the move suggests that Coinbase was not ready to sit back and wait for an inevitable lawsuit from the Securities and Exchange Commission.
Aside from attorney Hogan, other members of the XRP community also applauded the San Francisco-based exchange for suing the SEC
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Well played!🎯😎 https://t.co/LNyiFespO1
— Digital PerspectivesPermaBull (@DigPerspectives) April 25, 2023
This development is a major win for Ripple and the XRP community, who have been fighting back against the SEC’s allegations for months. If the SEC does backtrack on its claims about XRP, it could have significant implications for the cryptocurrency industry as a whole, as it could set a precedent for other cryptocurrencies that have been accused of being securities.
Overall, the XRP community has reason to celebrate as it receives major support in its legal battle against the SEC. While the outcome of the lawsuit is still uncertain, this latest development has given the community renewed hope that XRP will be able to continue operating as a cryptocurrency and not be classified as a security.
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