{"id":100299,"date":"2024-11-21T10:20:05","date_gmt":"2024-11-21T14:20:05","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=100299"},"modified":"2024-11-21T10:23:12","modified_gmt":"2024-11-21T14:23:12","slug":"sec-reiterates-digital-assets-securities","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/sec-reiterates-digital-assets-securities\/","title":{"rendered":"SEC Reiterates \u201cDigital Assets Securities\u201d As XRP Eyes $2"},"content":{"rendered":"\n

Ripple SEC Lawsuit: Regulator defies US court <\/a>and hints at “digital assets securities” charges as XRP looks to rise to $2<\/p>\n\n\n\n

\"SEC<\/figure>\n\n\n\n

The U.S. Securities and Exchange Commission (SEC) has signaled its intent to continue pursuing cases involving \u201cdigital asset securities,\u201d even as the appeal in the Ripple lawsuit progresses in the Second Circuit Court. <\/p>\n\n\n\n

This development coincides with XRP\u2019s price surpassing $1 and aiming for $2, driven by speculation about SEC Chair Gary Gensler\u2019s potential resignation and the lawsuit\u2019s resolution under a Trump administration.<\/p>\n\n\n\n

SEC Maintains Stance on Digital Asset Securities in Ripple Case<\/h2>\n\n\n\n

During a speech at the PLI\u2019s 56th Annual Institute\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> last week, SEC Chair Gary Gensler emphasized that \u201cBitcoin is not a security.\u201d <\/p>\n\n\n\n

However, he refrained from including XRP alongside Bitcoin, Ether, and stablecoins, underscoring the agency's intent to continue treating it as a security. Gensler stated:<\/p>\n\n\n\n

\u201cOur focus, rather, has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities. Putting this in context, aside from bitcoin, ether, and stablecoins, the rest of this market approximates $600 billion.\u201d<\/p>\n\n\n\n

Crypto lawyer James Murphy, known as MetaLawMan, criticized the SEC\u2019s continued use of the term \u201cdigital asset securities\u201d in an X post on Wednesday, accusing the regulator of ignoring the court\u2019s ruling on XRP\u2019s status in the Ripple lawsuit. <\/p>\n\n\n\n

\n

Here we go again \u201cdigital asset securities.\u201d
Unbelievable. https:\/\/t.co\/vqCbEJ9PNh<\/use><\/svg><\/span><\/a><\/p>— MetaLawMan (@MetaLawMan) November 20, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

The SEC also failed to adhere to its recent commitment to stop using \u201ccrypto asset securities\u201d in its legal language.<\/p>\n\n\n\n

The agency has appealed aspects of the summary judgment in the Ripple case, specifically the rulings on XRP sales by Ripple, distributions to employees and others, and sales on exchanges by Ripple executives Brad Garlinghouse<\/a> and Chris Larsen.<\/p>\n\n\n\n

Will the Ripple Lawsuit Be Dismissed?<\/h2>\n\n\n\n

The crypto community has called for the dismissal of the Ripple lawsuit and for Gensler\u2019s resignation. Ripple CEO Brad Garlinghouse hoped the case would conclude following a potential Trump victory in the 2024 election.<\/p>\n\n\n\n

Ripple CTO David Schwartz clarified that the company\u2019s legal responsibilities are to its shareholders, not XRP holders. <\/p>\n\n\n\n

He emphasized that Ripple can navigate the legal landscape around XRP, but digital asset prices are independent of Ripple\u2019s efforts. <\/p>\n\n\n\n

Speculation suggests the case could be dismissed or settled for $125 million.<\/p>\n\n\n\n

XRP Price Targets $2<\/h2>\n\n\n\n

Lawyer Bill Morgan noted that Ripple\u2019s activities have little influence on XRP\u2019s price, as shown by long-term investors. <\/p>\n\n\n\n

Gensler\u2019s possible resignation and the anticipated resolution of the Ripple case have fueled bullish momentum, pushing XRP\u2019s price to $1. <\/p>\n\n\n\n

Currently, XRP holds at the 0.702 Fibonacci retracement level, with analysts projecting an upward move to the $1.6\u2013$2 range. <\/p>\n\n\n\n

Optimism within the XRP community and expectations of favorable crypto policies under Trump have supported the positive sentiment.<\/p>\n\n\n\n

Prominent analyst CredibleCrypto suggested XRP could achieve a new all-time high \u201ca lot quicker than most are expecting.\u201d <\/p>\n\n\n\n

The XRP\/ETH pair recently reclaimed and retested a four-year range on the monthly chart, signaling a potential 250% upside.<\/p>\n\n\n\n

\"SEC<\/figure>\n\n\n\n

In the past 24 hours, XRP has risen by over 1% and by 60% in a week, trading at $1.13 with a 24-hour range of $1.07 to $1.15. Trading volume increased by 7%, reflecting growing trader interest.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ripple SEC Lawsuit: Regulator defies US court and hints at “digital assets securities” charges as XRP looks to rise to $2 The U.S. Securities and Exchange Commission (SEC) has signaled its intent to continue pursuing cases involving \u201cdigital asset securities,\u201d even as the appeal in the Ripple lawsuit progresses in the Second Circuit Court. This […]<\/p>\n","protected":false},"author":56,"featured_media":100303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[18040,146,4680],"class_list":["post-100299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ripple-vs-sec-news","tag-xrp","tag-xrp-lawsuit"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/SEC-Reiterates-Digital-Assets-Securities-As-XRP-Eyes-2.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=100299"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100299\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/100303"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=100299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=100299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=100299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}