Ripple President Monica Long says the recent outcome of the company’s legal battle with the U.S. Securities and Exchange Commission (SEC) has given the payment firm “clarity” on how it can operate its business in the future.
The SEC first sued Ripple in late 2020 for allegedly selling XRP as an unregistered security.
Last month, US District Judge Analisa Torres ruled that Ripple’s automated, open-market sales of XRP, referred to as programmatic sales, did not constitute security offerings, contrary to what the SEC alleged.
The judge did, however, side with the SEC’s claim that Ripple’s sale of XRP directly to institutional buyers constituted a securities offering.
Long says in a new interview with CNBC that Ripple has been pleased with the ruling.
“It’s been a couple of weeks now since the judge’s ruling in our case, providing clarity that XRP is not a security, which we’re very happy about. It gives us a lot of clarity in terms of how Ripple will operate its business going forward. We are re-engaging with a lot of the US market.”
The company president notes, however, that much of the payment firm’s recent growth has happened in foreign jurisdictions which she says offer more regulatory clarity than the US, like the United Kingdom, Europe, Singapore and Dubai.
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