Benzinga – by Murtuza Merchant, Benzinga Staff Writer.
Ripple (CRYPTO:XRP) is ready to take its legal battle against the Securities and Exchange Commission (SEC) over the XRP crypto token to the Supreme Court.
This is according to the CEO of Ripple Brad Garlinghouseciting how the company has already spent over $150 million on legal defense.
The SEC and Ripple have been fighting in court since 2020 over whether the digital token XRP should be registered as a security.
This development comes just ahead of Benzinga’s Future of Digital Assets conference on November 14, where the future of cryptocurrencies and their role in the financial market will be a key topic of discussion.
“We’d love to know Vegas’ odds on how this would play out,” Garlinghouse told Bloomberg of the prospects of the Supreme Court finally weighing in. case ultimately.
The SEC recently asked the judge to drop parts of its litigation directly against the Ripple co-founder. Christian Larsen and Garlinghouse.
However, the SEC can still appeal the judge’s decision more generally.
Crypto proponents argue that many digital assets do not meet the standards laid out in a 1946 Supreme Court case that the SEC uses to determine whether an asset is covered by its securities rules.
Also Read: BlackRock’s Ethereum Trust Ignites the Crypto Market – Asset Management Giant Doubles Down on Digital Assets
They believe the SEC or Congress should propose revised rules to account for the unique characteristics of the asset class.
Besides Ripple, the SEC is also involved in high-stakes disputes with other crypto giants, including Coinbase Global Inc. (NASDAQ:COIN).
SEC Chair Gary Gensler said he was “really proud” of the agency’s enforcement work in the crypto area, having brought about 150 crypto cases.
Michael Novogratzthe founder and CEO of Digital Galaxycommented on the collapse of FTX (CRYPTO: FTT) and other crypto companies in 2022, stating: “You cannot underestimate the damage. As an industry, we’ve kind of lost trust, and so we’re working hard to get it back.
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