- The SEC has retracted its request for “security status” of Solana (SOL), Cardano (ADA) and Polygon (MATIC).
- XRP has legal clarity on its status as a non-security in secondary market transactions, meaning that when traded on exchanges the altcoin is not a security.
- The gray area is the institutional sales of the asset, and this is likely to be addressed in the final ruling in the SEC vs. Ripple lawsuit.
- Judge Analisa Torres had granted a partial victory to Ripple when XRP was declared a non-security in July 2023.
- XRP traders are closely watching the lawsuit for key developments and an end or outcome this week.
- Ripple update: What to expect from XRP and Ripple lawsuit this week.
- Attorney Fred Rispoli, a pro-crypto lawyer, set a deadline of July 31 in his prediction for the lawsuit ruling.
- The Judge is expected to rule on the issue of “fines” or “settlement” to be imposed on the payment remittance firm for the alleged violation of securities laws.
- It also remains to be seen whether the SEC accepts XRP as a non-security or appeals Judge Torres ruling at a later time.
- Rumors of a settlement between the two parties were doing the rounds prior to the closed door meeting on July 25.
- There is no further update in the lawsuit since the two parties filed their letters and responses on the matter of “supplemental authority” or Judge Amy Berman Jackson accepting the XRP ruling as precedent in the SEC vs. Binance lawsuit
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