Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Coinpedia Fintech News on April 19, 2023, 09:45:41 AM
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The legal battle between the Securities and Exchange Commission (SEC) and Ripple seems to have flown under the radar for many crypto traders, despite the fact that the XRP community has been heavily impacted. According to Ripple officials, the company has spent over $100 million on legal fees in its fight against the SEC.
SEC Chairman Gary Gensler has taken a strong stance on the classification of all crypto assets except Bitcoin, stating that they should be considered unregistered securities. In addition, Gensler has been targeting centralized crypto exchanges such as Coinbase Global, Binance, Kraken, and Bittrex for their lack of proper registration.
Overall, this legal battle and regulatory crackdown on crypto exchanges could have significant implications for the broader crypto industry and its future development.
Crypto experts have extensively analyzed the potential outcomes of XRP being classified as a non-security, and have also speculated on the consequences of it being classified as a security.