Ripple: Attorney Claims Lawsuit Hindered XRP Adoption by 3 Years
A US district judge recently issued a summary judgment finding that transactions in XRP do not constitute “investment contracts” and therefore are not securities under federal law. This ruling comes amid an ongoing legal dispute between Ripple Labs, the creator of XRP, and the Securities and Exchange Commission over whether XRP should be classified as a security or commodity. The judge’s decision states that the SEC did not adequately demonstrate that XRP holders had a reasonable expectation of profits derived from Ripple’s managerial efforts. Following this ruling, the market price of XRP increased substantially. Also read: BNB Chain Hacker Loses $30 Million In Liquidation Attorney John Deaton , who represents a group of XRP holders in a related lawsuit, argued in a recent post that the SEC’s action against Ripple has negatively impacted the adoption of XRP in the US market during the nearly three years since the suit was filed. The point her...