David Schwartz, the Chief Technology Officer (CTO) at Ripple, has emphasized the significance of Judge Analisa Torres’ decision in the SEC v. Ripple lawsuit. The ruling, released on July 14, saw both parties secure a partial victory. While the court concluded that Ripple’s sale of XRP to institutional investors violated securities law, it also declared that XRP itself is not a security.
During his recent keynote address at the Apex event in Amsterdam, Schwartz mentioned that, other than Bitcoin, XRP is now the only digital asset with regulatory clarity in the United States. The SEC has previously stated that Bitcoin is outside of its regulatory purview due to its decentralized nature.
The lengthy SEC lawsuit against Ripple has incurred significant costs for the company, with over $100 million spent in legal fees. The legal battle, lasting nearly three years, was described Schwartz as a “dark time” for Ripple. It resulted in the loss of partnerships with businesses such as Mastercard and delistings from major exchanges like Coinbase and Kraken.
However, the recent ruling declaring XRP as a non-security has provided clarity for the cryptocurrency. As a result, exchanges that had previously delisted XRP, including Coinbase and Kraken, have now relisted the coin.
Schwartz also mentioned several upgrades to the XRP Ledger (XRPL) that aim to enhance its growth. These include the introduction of an Automated Market Maker (AMM) and Decentralized Identity solutions. Ripple will play a significant role in improving the overall performance and scalability of XRPL.
It is important to note that this article is for informational purposes only and should not be considered financial advice. Readers are encouraged to conduct thorough research before making any investment decisions.
– SEC v. Ripple ruling
– Statements from the SEC Chair, Gary Gensler