The US SEC, in its lawsuit against Kraken, deliberately excluded XRP from the list of cryptocurrencies it classified as securities. The move has sparked speculation in the crypto community about a possible victory for XRP given the regulator’s decision not to classify XRP as a security in its filing.
XRP omitted from SEC securities list
The United States Securities and Exchange Commission (SEC) has made alarming allegations against crypto exchange Kraken. In its presentationthe regulatory agency Accused Kraken of illegally trading various cryptocurrencies on its exchange.
“Throughout the Relevant Period, Kraken has made many “crypto asset” securities available for trading. These cryptoasset securities are investment contracts represented by the underlying cryptoasset,” the document states.
Among the list of cryptocurrencies mentioned in the presentation, XRP was strategically omitted, while cryptocurrencies such as CardanoMATIC polygon, nft-rewards-skyrocket-transactions-surge-320-in-q3/” rel=”nofollow noopener” target=”_blank”>AlgorandoNearby Protocol, Decentraland, solariumand others were categorized as securities according to the SEC.
“In fact, Kraken currently makes available for trading crypto assets that have been the subject of previous SEC enforcement actions based on their status as crypto asset securities, including trading in crypto assets under the symbols ADA, AXS, ALGO, ATOM , CHZ, COTI, DASH, FIL, FLOW, ICP, MANA, MATIC, NEAR, OMG, SAND and SOL, which were alleged in one or more of the following actions against other unregistered brokers,” the SEC stated.
Many members of the XRP community are likely to see this exclusion from XRP on SEC Securities List as a validation of Ripple’s position as a global payments network.
At the same time, it may serve as a possible confirmation of the identity of XRP as a non-security, as determined by Ruling by Judge Analisa Torres in early July indicating that programmatic sales of XRP were not unregistered securities offerings. Overall, it remains to be seen whether this omission will have an impact on the ongoing lawsuit among the US SEC and XRP.
XRP Price Stagnant Despite SEC Delisting
He XRP priceRipple Network’s native token, has noticeably stalled despite not being named in the recent lawsuit filed by the SEC against Kraken. The cryptocurrency is below by 2.22% at the time of writing and is currently trading at $0.6139 according to CoinMarketCap.
He slow price movement It is a disappointment for many members of the XRP community as they were expecting a positive change in the value of XRP after the delisting.
Popular XRP lawyer and advocate Bill Morgan took to X (formerly Twitter) to recently post a chart of the current situation. XRP valuehighlighting its state of deterioration despite recent events.
“XRP price today, and was not named as a crypto asset security in SEC lawsuit against Kraken,” Morgan fixed.
Token price recovers to $0.61 | Source: XRPUSD On Tradingview.com
Featured image from The Daily Hodl, chart from Tradingview.com