Ripple CTO says 'tide is turning' on US regulatory environment
A court ruling that cleared Ripple's XRP token of being considered a security offering might signal a turn in the tide against regulatory scrutiny of the cryptocurrency ecosystem in the United States and current lawsuits involving the likes of Coinbase and Binance.US and pending ETF applications.
Speaking exclusively to Cointelegraph during the company’s annual Apex developer conference being hosted in Amsterdam, Netherlands, Ripple CTO David Schwartz weighed in on the potential precedent set by a federal judge ruling that XRP was not a security when sold programmatically on cryptocurrency exchanges.
Ripple has been entwined in a protracted legal battle with the U.S. Securities and Exchange Commission since 2020, but its recent part victory may have positive implications for a number of crypto-related lawsuits instituted by the SEC.
Schwartz admitted that the SEC case had cost Ripple business deals that had been on the table, but stressed that the bigger loss was felt in the community as ecosystem support felt stifled by the delisting of XRP across a number of prominent exchanges. This has since changed with the latest ruling in favour of XRP:
Schwartz said that the tide was perhaps turning in the United States, where crypto ecosystem participants began considering relocating to different jurisdictions in order to continue operating away from a cloud of regulatory uncertainty:
Schwartz said that the wider industry was now feeling the scrutiny that Ripple had first endured from the SEC in 2020, with the likes of major cryptocurrency blockchains like Solana, Cardano and Polygon seeing their respective tokens labeled alongside others as unregistered securities in the SEC’s lawsuits against Coinbase earlier in 2023.
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