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Legal expert: XRP not on list of securities in SEC’s Kraken lawsuit

Legal expert: XRP not on list of securities in SEC’s Kraken lawsuit

With the lawsuit against cryptocurrency trading platform Kraken becoming the newest instance of the United States Securities and Exchange Commission (SEC) exercising its regulatory enforcement in the cryptocurrency industry, a legal expert has observed a curious detail – XRP was not there.

Specifically, Jeremy Hogan, a lawyer who has kept a close eye on the SEC’s case against blockchain company Ripple, accused of illegally selling the XRP token as unregistered securities, noted that XRP was missing from the list of alleged securities in the lawsuit text he shared in an X post on November 21.

Indeed, the listed cryptocurrencies included Cardano (ADA), Axie Infinity (AXS), Algorand (ALGO), Cosmos Hub (ATOM), Chiliz (CHZ), COTI (COTI), Dash (DASH), Filecoin (FIL), Flow (FLOW), Internet Computer (ICP), Decentraland (MANA), Polygon (MATIC), NEAR Protocol (NEAR), OMG Network (OMG), The Sandbox (SAND), and Solana (SOL). 

As a matter of fact, the SEC stated that these crypto assets, in addition to alleging that Kraken offered them as “crypto assets securities,” were also the subject of “one or more” of its regulatory actions “against other unregistered intermediaries,” including crypto exchanges Bittrex, Binance, and Coinbase.

Why XRP is not on the list

As a reminder, Federal Judge Analisa Torres ruled on July 13, 2023, that Ripple’s XRP sales to retail customers did not constitute securities sales, which secured a partial victory for the blockchain firm that now awaits settlement talks regarding the fines for its sales to institutional clients, as Finbold reported.

Notably, the SEC is demanding that Ripple pay out the damages in the amount that legal expert John E. Deaton referred to as the $770 million “worth of flesh,” which includes the sales of XRP to institutional customers both in the US and overseas, and which the blockchain company is trying to reduce.

Meanwhile, XRP was at press time changing hands at the price of $0.6248, gaining 1.08% in the last 24 hours, as well as adding 1.34% to its value in the previous seven days and advancing 13.81% across the past month, as per the most recent information retrieved on November 24.

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