Business In News
- Ripple recently filed a Notice of Supplemental Authority which criticized the SEC’s claims regarding the security status of crypto tokens.
- The notice boosted confidence among XRP investors leading to speculation about Ripple’s victory in the legal battle with the SEC.
- The renewed confidence led to a 28% rally in XRP’s price, marking a four-month high.
Ripple, the popular enterprise blockchain solution firm, recently filed a Letter Notice of Supplemental Authority in the U.S. District Court for the Southern District of New York. The letter was meant to strengthen Ripple’s defense by drawing presiding Judge Analisa Torres’ attention to a recent ruling by Federal Judge Michael Wiles in a separate lawsuit in Manhattan Federal Court.
Investors’ confidence in Ripple sends XRP soaring
The letter filed by Ripple highlighted Judge Wiles’ rejection of the U.S. Securities and Exchange Commission’s (SEC) objection to Voyager Digital’s sale to Binance US. The SEC had objected to the sale arguing that Voyager’s VGX token had “aspects of a security”, without clearly specifying what those aspects were. Judge Wiles rejected the objection due to the “vagueness” of the arguments presented by the SEC.
I reject the contention that the Court, and the Debtors, somehow were supposed to figure out for themselves just what ‘aspects’ of the VGX token might be considered to be aspects of a ‘security,’ or just what particular activities of Binance.US allegedly could raise registration issues, and then somehow to offer evidence and legal argument on those points.”
U.S Federal Judge Michael Wiles
Crypto analysts and experts on Twitter, including crypto lawyer John Deaton and Messari founder Ryan Selkis, saw these developments as a positive one, which only reinforced Ripple’s chances of victory in the lawsuit brought by the SEC two years ago.
The renewed confidence in Ripple’s defense and widespread speculation about its victory in the SEC lawsuit sent XRP soaring. The cryptocurrency has gained more than 28% over the past 24 hours. XRP is currently trading at $0.47, marking a four-month high. Its daily trading volume has gone up a whopping 280%.