Kain Warwick, the founder of Synthetix, a decentralized derivatives trading protocol, has described the recent XRP ruling as one of crypto’s first major wins over the U.S. Securities and Exchange Commission (SEC).
The ruling came in the lawsuit between the SEC and Ripple Labs, the company behind XRP. The judge ruled that sales of XRP to institutional investors counted as unlawful securities sales, but programmatic sales on exchanges didn’t. This ruling was unexpected, according to Warwick, but it was a significant win for the crypto community.
Warwick cautioned that the implications of the ruling would take a while to play out. There’s a chance of appeals, and the SEC may shift its stance over time. However, he believes this ruling is a significant step forward for the crypto industry.
Synthetix, the company Warwick leads, operates as a decentralized derivatives trading protocol with total deposits exceeding $487 million on Ethereum and the Optimism Layer 2 network.
The recent XRP ruling is a significant win for the crypto industry. It shows that the crypto community can stand up to regulatory bodies like the SEC and come out on top. However, the legal process is far from over, and the crypto community should remain vigilant.
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