Ripple
(XRP)
CEO
Brad
Garlinghouse
spoke
at
a
crypto
roundtable
event
on
Wednesday.
The
Ripple
executive
slammed
Democrats
for
not
taking
notice
of
the
Securities
and
Exchange
Commission
(SEC)
Chair
Gary
Gensler’s
enforcement
actions
on
crypto.
Garlinghouse
addressed
a
gathering
that
included
Mark
Cuban,
Coinbase
CLO
Paul
Grewal,
and
key
US
Congressional
leaders.
There
was
no
further
update
in
the
SEC
vs.
Ripple
lawsuit
and
XRP
hovers
around
$0.45,
at
the
time
of
writing.
Ripple
is
in
an
upward
correction.
The
altcoin
extends
gains
on
Thursday,
rallying
to
$0.4509
at
the
time
of
writing.
Ripple
could
rally
towards
the
next
key
resistance
at
$0.4760,
the
July
2
low.
This
marks
a
5.55%
increase
in
XRP
price.
The
Moving
Average
Convergence
Divergence
(MACD)
indicator
shows
that
MACD
line
is
about
to
cross
above
the
signal
line.
If
this
occurs,
it
would
support
a
bullish
thesis
for
Ripple.
XRP/USDT
daily
chart
Ripple
could
find
support
at
$0.4032,
the
July
8
low,
and
$0.3823,
the
July
5
low.
It
depends
on
the
transaction,
according
to
a
court
ruling
released
on
July
14:
For
institutional
investors
or
over-the-counter
sales,
XRP
is
a
security.
For
retail
investors
who
bought
the
token
via
programmatic
sales
on
exchanges,
on-demand
liquidity
services
and
other
platforms,
XRP
is
not
a
security.
The
United
States
Securities
&
Exchange
Commission
(SEC)
accused
Ripple
and
its
executives
of
raising
more
than
$1.3
billion
through
an
unregistered
asset
offering
of
the
XRP
token.
While
the
judge
ruled
that
programmatic
sales
aren’t
considered
securities,
sales
of
XRP
tokens
to
institutional
investors
are
indeed
investment
contracts.
In
this
last
case,
Ripple
did
breach
the
US
securities
law
and
will
need
to
keep
litigating
over
the
around
$729
million
it
received
under
written
contracts.
The
ruling
offers
a
partial
win
for
both
Ripple
and
the
SEC,
depending
on
what
one
looks
at.
Ripple
gets
a
big
win
over
the
fact
that
programmatic
sales
aren’t
considered
securities,
and
this
could
bode
well
for
the
broader
crypto
sector
as
most
of
the
assets
eyed
by
the
SEC’s
crackdown
are
handled
by
decentralized
entities
that
sold
their
tokens
mostly
to
retail
investors
via
exchange
platforms,
experts
say.
Still,
the
ruling
doesn’t
help
much
to
answer
the
key
question
of
what
makes
a
digital
asset
a
security,
so
it
isn’t
clear
yet
if
this
lawsuit
will
set
precedent
for
other
open
cases
that
affect
dozens
of
digital
assets.
Topics
such
as
which
is
the
right
degree
of
decentralization
to
avoid
the
“security”
label
or
where
to
draw
the
line
between
institutional
and
programmatic
sales
are
likely
to
persist.
The
SEC
has
stepped
up
its
enforcement
actions
toward
the
blockchain
and
digital
assets
industry,
filing
charges
against
platforms
such
as
Coinbase
or
Binance
for
allegedly
violating
the
US
Securities
law.
The
SEC
claims
that
the
majority
of
crypto
assets
are
securities
and
thus
subject
to
strict
regulation.
While
defendants
can
use
parts
of
Ripple’s
ruling
in
their
favor,
the
SEC
can
also
find
reasons
in
it
to
keep
its
current
strategy
of
regulation
by
enforcement.
The
court
decision
is
a
partial
summary
judgment.
The
ruling
can
be
appealed
once
a
final
judgment
is
issued
or
if
the
judge
allows
it
before
then.
The
case
is
in
a
pretrial
phase,
in
which
both
Ripple
and
the
SEC
still
have
the
chance
to
settle.
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