- It’s been three years since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the blockchain startup Ripple, accusing it of violating securities laws through unregistered XRP sales.
- Top executives at Ripple, including President Monica Long, are optimistic about Ripple’s prospects in 2024. Long anticipates a transformative year for the crypto industry.
- In the ongoing ‘crypto winter’ environment, Long sees an opportunity for significant real-world problem-solving for serious builders.
The legal battle between the U.S. Securities and Exchange Commission and Ripple has entered its third year: What developments will occur for XRP in 2024?
The 3rd Year of the Ripple-SEC Dispute
It’s been three years since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the blockchain startup Ripple, accusing it of violating securities laws through unregistered XRP sales. While a tough legal battle against the SEC continues, Ripple has maintained a steadfast stance over the past three years. In fact, court decisions this year favored Ripple, and the blockchain startup argued that XRP is not a security.
Stuart Alderoty, Chief Legal Officer at Ripple, assessed the legal battle that began three years ago with the SEC, stating that the SEC proposed a settlement to classify XRP as a security, but Ripple rejected the offer. He emphasized that Ripple asserts XRP is not a security, pointing out the lack of a crypto compliance framework by the SEC.
Alderoty stated that the purpose of the lawsuit is to prove that XRP is a non-security asset and highlighted that despite doubts about this, the victory reveals the inconsistencies of the SEC. Looking ahead to 2024, Alderoty expressed that the industry’s struggle will continue.
What to Expect for XRP in 2024?
Top executives at Ripple, including President Monica Long, are optimistic about Ripple’s prospects in 2024. Long envisions a transformative year for the crypto industry and emphasizes shifting focus from speculative hype cycles to real-world usage. She underscores that compliance, usability, and integration with existing systems are critical elements for success. Long predicts that revolutionary developments in 2024 will focus on leading compliance for decentralized finance (DeFi).
In the ongoing ‘crypto winter,’ Long sees an opportunity for serious builders to provide solutions to significant real-world challenges. Emphasizing the priority of tools that enhance security and rebuild trust, she advocates for a compliance-focused approach. According to Long, the next stage of innovation in blockchain will involve developing compliance tools in a decentralized environment.
A significant trend that will attract attention in 2024 is the integration of blockchain with traditional financial players such as Fidelity, BlackRock, PayPal, and Visa, forming partnerships with crypto-origin companies. Long, an advocate for a collaborative approach, highlights that blockchain can offer advantages like instant cross-border payments without high fees, not to replace banks but to provide benefits without high fees.
