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- 1 Ripple’s win over the Securities and Exchange Commission (SEC) has been perceived differently by the crypto community.
- 2 A renowned journalist named Charles Gasparino deems Ripple’s win as “idiotic”.
- 3 The journalist’s opinion was received negatively by the XRP community.
The lawsuit between the Securities and Exchange Commission (SEC) and payment protocol company Ripple and XRP ended with the declaration that “XRP is not a security.” The broader crypto community celebrated the decision. Most people looked at the ruling in favor of Ripple and treated it as a win over the U.S. financial regulator. But a journalist recently seemed to disagree with the popular stance and think that Ripple’s win was “idiotic.”
Charles Gasparino, a renowned journalist who worked with Fox Business Network (FBN) and columnist for the NY Post, holds a different take on the Ripple vs SEC case. He thinks the opposite of the popular public opinion of Ripple’s win.
According to Gasparino, Ripple lost the legal battle in the court against the SEC. Though Judge Analisa Torres ruled in favor of Ripple stating that XRP is not a security, the journalist disagrees and criticizes the ruling.
The journalist stated that Judge Torres’ ruling was “idiotic, split the baby…, laugh of the southern district.”
The statement from Gasparino was supposed to be taken as a challenge to the existing narrative of the Ripple community.
After Gasparino’s comments, the XRP community expectedly reacted over social media and negated his opinion. Prominent crypto lawyer Bill Morgan stated that the lawyer community completely agrees with the court’s ruling in favor of Ripple. He added that the ruling sounded legal enough to prove that XRP is not a security.
Ripple vs SEC Lawsuit Waited Years to Resolve
After a long time of investigation, the SEC found that Ripple and company executives used XRP tokens for transactions that fall in as unregistered securities. When the company denied the allegations, the regulator filed the lawsuit against the company and its executives Christian Larsen and Brad Garlinghouse in 2020.
The lawsuit slowly became popular in the wider cryptocurrency industry and the broader crypto community started looking at the case to decide further course. Ripple got hits initially during the hearing but it eventually started giving a tough response to the regulator in the court.
In the later days, it became obvious to many experts and people closely watching the case that Ripple may win over the SEC.
Then, in July this year, Reuters reported, Judge Torres in Manhattan court granted the company a partial win. She ruled out that the XRP sales on public exchange platforms were not unregistered securities offerings.
XRP token saw an impressive jump of over 25% after the court’s ruling in favor. The trading price hit a yearly high of $0.82 around the time.
At the press time, the XRP token is trading at $0.60 after losing over 9% of its value in the last seven days.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
