In a recent Twitter declaration, John Deaton, a staunch advocate for XRP, expressed his elation over the removal of XRP from the latest list of SEC securities on Coingecko. Deaton’s tweet succinctly captured the sentiment, stating, “Today: Not on the list: XRP.” This development holds significant meaning for the cryptocurrency community, drawing parallels with the past when the SEC initially labeled over 14.6 billion units of XRP as a “security.”
Coingecko, a prominent crypto price tracking platform, recently released a list of tokens designated as securities by the SEC. This list encompassed a total of 48 tokens, including notable names like BNB, ADA, SOL, TRX, MATIC, TON, BUSD, ATOM, FIL, ICP, NEAR, ALGO, SAND, AXS, MANA, FLOW, CHZ, and BTT.
Ripple’s Chief Technology Officer, David “JoelKatz” Schwartz, responded to this development with a lighthearted approach. In a tweet, he playfully listed a few unconventional items that weren’t on the SEC’s list, including “Orange groves,” “Live beavers,” and “Warehouse receipts for whisky casks.” This whimsical reference highlighted the broad spectrum of items that the SEC had once attempted to regulate.
Earlier this month, Deaton unveiled his belief that senior officials within the SEC were divided on the appropriate course of action for the case. As the cryptocurrency legal landscape remains in flux, experts continue to speculate about the SEC’s potential future steps and the likelihood of an appeal.
James Murphy, another advocate, posited that the SEC might opt for an interlocutory appeal in this contentious case. On the other hand, Jack McDonald, the CEO of PolySign, argued that due to the potential negative implications of the case for the SEC, they could attempt to compartmentalize their stance on XRP, asserting that the ruling only pertained to a specific context and not the broader cryptocurrency ecosystem.
As of the time of writing, CoinMarketCap indicated that XRP was trading at $0.6477, experiencing a 3.08% increase over the past day. With a market capitalization of $34,173,024,666, XRP holds the fifth position on CoinMarketCap’s list of tokens.
The removal of XRP from the SEC’s securities list serves as a significant milestone for the cryptocurrency, igniting conversations about its regulatory status and potential implications for the wider market. While uncertainties linger, the evolving legal landscape continues to shape the future trajectory of XRP and the broader crypto industry.
