Whales bullish on XRP, as American regulator removes XRP from Kraken lawsuit
Legal experts noted that the US SEC indirectly showed that it failed in the legal battle against Ripple (XRP).
As we know, recently the United States Securities and Exchange Commission (SEC) sued the popular American crypto exchange Kraken for providing unregistered securities offerings and running a securities exchange without registering with the corresponding regulatory body. In the suit, the SEC agency mentioned nearly a dozen crypto assets unregistered security tokens, including XRP coin, listed on the Kraken platform.
In the latest legal development, it was found that the SEC body introduced some changes in its suit against the Kraken exchange and notably removed the XRP coin from the unregulated securities token list.
Interestingly, the SEC body already mentioned that Kraken was not only the crypto firm which offered trading of these crypto assets which are unregistered securities but also many crypto companies (Bittrex, Binance, and Coinbase) provide offerings of these same assets which are already under the scrutiny of the agency.
This latest legal development by the SEC body in the Kraken suit raised the eyebrows of many Crypto law experts and the majority of the experts said that the SEC body is now ready to admit that it lost the legal battle against the San Francisco headquartered blockchain firm Ripple and also ready to admit that XRP coin was not security token.
In the last month, the majority of the people claimed that the SEC body tried to distance its feet from the crypto regulatory efforts, as the agency faced huge criticism from crypto-friendly lawmakers as well as from the whole crypto sector. But this picture is showing a different show and here we can see that the SEC body is still engaged at a better degree to show regulatory dominance in the crypto sector.
Kraken, Binance, & settlement
Just a few days back the Binance exchange settled its suit with the US regulatory bodies, including SEC & CFTC body, and agreed to pay a $4.3 billion fine for violation. While the Binance co-founder resigned from the CEO role & paid a $50 million fine as a part of a settlement agreement separately.
Despite the SEC’s suit against Kraken, Kraken co-founder Jesse Powell appreciated the US authorities’ crackdown on the Binance exchange and said that Binance was deserving of such intense regulatory action.
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