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Ripple President’s Response Raises Concerns
During a recent interview on a popular podcast, Monica Long, Ripple President, discussed the ramifications of the US court ruling categorizing XRP as not securities for retail investors.
The lawsuit victory has raised anticipation within the XRP community regarding the potential for increased digital asset adoption. However, Long’s response to a critical inquiry has left many community members more perplexed than enlightened.
When the interviewer asked if the verdict had boosted XRP’s adoption, Long couldn’t provide any clear insight, leading to apprehensions among XRP investors. Long stated that the broader crypto market has fared similarly, and XRP has followed the same trend. She attributed this trend to the excitement surrounding spot BTC ETF approval.
Implications For XRP’s Future
The response from Ripple’s president triggered significant reactions within the XRP community. For instance, “WrathofKahneman,” a well-known figure in the XRP space, pointed out that although the question was related to adoption, Long’s response focused more on XRP’s price action.
Thus, he interpreted Long’s response as a polite “no,” as the Ripple executive didn’t indicate a positive impact. Also, Dizer Capital’s founder, Yassin Mobarak, added that the absence of a decisive answer is a significant concern, given the anticipation surrounding the potential growth of XRP after its court victory.
Mobarak noted that a clear “yes” answer to the question of increased adoption would have provided reassurance to the XRP community. Nevertheless, there are two prevalent conclusions drawn from Long’s response.
First, some analysts opine that XRP’s adoption and potential price growth may not solely depend on Ripple’s efforts. Other factors that could positively impact XRP’s price include the development of use cases and projects built on the XRP ledger, such as Evernode, Hooks, and xSpectar.
Ripple Vs SEC: Ripple Cites Irrelevant Post-Complaint Requests
In the continuing legal dispute between Ripple and the US Securities and Exchange Commission (SEC), Ripple has recently filed its response against the SEC’s motion to enforce specific post-complaint discovery. The motion required Ripple to provide its audited financial statements from 2022 to 2023 and the contracts overseeing the company’s XRP sales to institutional investors.
While Ripple was initially expected to respond to the motion by Jan. 17, the cryptocurrency payments company requested a two-day extension to provide a suitable response. The company filed its response by opposing the SEC’s motion on two grounds.
First, Ripple argued that the SEC’s post-complaint requests were untimely. The company emphasized that the securities regulator had ample time during the fact discovery phase of the legal proceedings to request the post-complaint documents and interrogatories.
Then, Ripple contended that since the SEC failed to make these requests during the fact discovery stage of the case, it now lacks good cause to do so. Recall that the fact discovery phase of the SEC vs. Ripple case concluded on Aug. 31, 2021.
Ripple further argued that the parties had already litigated whether post-complaint discovery was appropriate during the fact-discovery phase. During that period, the SEC argued that post-complaint discovery was irrelevant to the lawsuit.
Thus, Ripple argued that the SEC cannot change its stance at this juncture, and even if it wants to do so, the court shouldn’t allow it. Meanwhile, there is no official date for the ruling. However, there are speculations that the court will reach a verdict before Feb. 12, 2024.
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