Ripple CEO Snaps Picture Outside SEC Building

Ripple’s CEO, Brad Garlinghouse, found himself in the spotlight when he recently posed for a photograph outside the headquarters of the U.S. Securities and Exchange Commission (SEC). The snapshot, which depicted Garlinghouse alongside Ripple’s General Counsel, Stuart Alderoty, both shrugging, quickly gained traction on the X social media platform. Within just a few hours, it garnered nearly 9,500 likes and over half a million views.

This photo opportunity took place against a backdrop of ongoing tension between Ripple and the SEC. The central point of contention revolves around whether Ripple’s XRP token should be classified as a security. The legal battle between the two entities has been ongoing, with Ripple firmly defending its position.

Notably, this isn’t the first time Ripple and its passionate XRP community, often referred to as the “XRP Army,” have expressed their grievances. In 2019, members of the XRP community staged a protest right outside the SEC’s headquarters. Their demonstration featured signs bearing slogans like “Stop Crypto Hypocrisy” and “Cryptocurrency Is Not a Crime,” as they called for an end to what they perceive as the regulator’s hostile stance toward cryptocurrency.

Prior to their visit to the SEC headquarters, Alderoty had shared another image on social media. This time, it was a photograph of himself and Garlinghouse standing in front of the Supreme Court of the United States (SCOTUS). The message was clear: there’s a pressing need for legislative clarity in the crypto space.

The summer of this year witnessed a significant price surge for XRP following a partial legal victory for Ripple. A U.S. District Court Judge ruled that the sale of Ripple’s XRP tokens on exchanges did not meet the criteria for investment contracts, thus not violating federal securities laws. This ruling triggered a surge in XRP’s price, driven by multiple exchanges relisting the token. However, those gains have since dissipated. XRP recently dipped below the $0.50 mark and is currently trading at $0.52, according to CoinGecko data.

Despite this partial victory, the SEC has appealed the ruling, advocating for a stricter classification of XRP transactions under securities law. Legal experts remain divided on the matter. Some view the judge’s decision as a step toward regulatory clarity, while others argue that it falls short of providing a definitive resolution to the ongoing debate surrounding XRP’s status. The situation remains fluid and continues to be closely monitored within the crypto community.

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