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In a recent CNBC interview, Ripple’s chief legal officer, Stuart Alderoty, underscored the distinctive regulatory position of XRP in the U.S. This comes after a significant court ruling that classified XRP as a non-security, setting it apart from other digital assets. Comparing XRP with BTC and ETH, it’s essential to remember that each coin serves a different purpose in the crypto ecosystem. BTC is a store of value, while ETH powers smart contracts.XRP’s focus on efficient transactions puts it in a unique position, catering to specific needs. 

Why is XRP Unique?

Alderoty pointed out that countries like Singapore, the UK, and Japan have established clear and rational regulatory frameworks, fostering innovation while maintaining robust oversight. However, the U.S. appears to be grappling with political issues, leading to a divergence from sound policy.

While celebrating Ripple’s courtroom victory on July 13th, Alderoty emphasized that this verdict grants XRP unprecedented clarity in the U.S. He proudly stated, “XRP, as a digital token, is now uniquely classified as a non-security in the U.S.” He noted that only XRP and Bitcoin enjoy this level of regulatory clarity in the U.S., a position repeatedly acknowledged by SEC Chair Gary Gensler. 

Crypto Bill is the Only Solution!

However, Alderoty also expressed concerns about the broader issue—the absence of a universal regulatory framework in the U.S. He emphasized the importance of not determining the classification of digital tokens solely through courtroom battles. Instead, he called for a rational and unified regulatory approach. Despite some policymakers advocating for this, Alderoty remains skeptical about significant progress in the current or upcoming Congress sessions.

SEC’s Financial Struggle

With multiple lawsuits converging on the issue of “security status,” the SEC finds itself in financial jeopardy. The legal clarity surrounding XRP, the only coin with such a designation, sets a precedent for others to contest the SEC’s stance. While this landmark judgment directly impacts XRP, it lays a foundational path for others in their battles with the SEC.

XRP Price Forecast 

Despite the win, XRP is juggling to attain the new ATH. Before the final verdict, XRP cannot attain a good position as expected. Hence, crypto enthusiasts are being urged to dial down their XRP expectations. While some predict sky-high prices, influencer Crypto Assets Guy advises a more grounded outlook. He sees a potential new all-time high for XRP, possibly around $3.70, late this year or in 2024. This pragmatic perspective comes as many in the XRP community grow weary of overblown forecasts. 

For instance, a recent prediction by Wells Fargo of XRP hitting $100 to $500 within 2 to 7 months left some feeling skeptical. It’s time to rein in those hopes and embrace a dose of realism!

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Filed under: Bitcoin - @ October 12, 2023 4:52 am