XRP Lawsuit Update: Ripple Can Sell to Institutions Despite SEC Decision

On Wednesday, August 7, the U.S. Securities and Exchange Commission (SEC) imposed a $125 million fine on Ripple in their ongoing lawsuit. The SEC alleges Ripple violated securities laws through institutional sales of XRP. This significant penalty has sparked concerns regarding the legitimacy of on-demand liquidity (ODL) sales, which utilize XRP as a crucial link for facilitating swift cross-border transactions. The case continues to unfold, leaving the crypto industry and investors alike speculating on the potential implications for Ripple and the use of XRP in the global financial landscape.

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• Ripple Continue Its ODL Sales to Institutions
• XRP Surges 20%

Ripple Continue Its ODL Sales to Institutions

Jeremy Hogan, an attorney, sought to clarify concerns surrounding Ripple’s use of XRP in its On-Demand Liquidity (ODL) sales, asserting that this matter should not pose a significant hurdle moving forward. He emphasized that a substantial portion of Ripple’s ODL transactions occur outside the jurisdiction of the Securities and Exchange Commission (SEC) and are thus not subject to its rulings.

Hogan underscored that Ripple remains capable of continuing with these ODL sales but must exercise caution in its approach. He highlighted five key exemptions that could facilitate compliance, particularly when dealing with corporate clients.

Regarding the absence of specific ODL language in the judge’s ruling, Hogan explained that if the SEC believes Ripple has breached the court order, it could file for contempt charges and present evidence to support its claim. In such a scenario, Ripple could argue that minimal or brief use of XRP during ODL transactions does not necessarily warrant exemptions from profit considerations.

Additionally, Hogan emphasized that Ripple’s legal team has had access to the summary judgment for over a year, suggesting that the company has likely adapted its XRP sales practices to ensure compliance. However, whether Ripple’s actions have ventured too close to the legal boundaries, as hinted by the judge, will only become evident if a contempt hearing is convened.

XRP Surges 20%

Hours after the SEC revealed the penalty, which was significantly less than the $2 billion they had demanded, the XRP community rejoiced. The XRP price skyrocketed by an impressive 20%, breaking through the $0.60 mark. Amidst this positive momentum, market analysts are discussing the potential approval of an XRP ETF, hinting at a brighter future for the cryptocurrency.

Wanna buy XRP? please read related article: How to Buy Ripple (XRP) in Canada

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