XRP Excluded from SEC’s List of Securities in Kraken Lawsuit, Legal Expert Points Out

In the recent lawsuit filed by the United States Securities and Exchange Commission (SEC) against cryptocurrency trading platform Kraken, a notable observation has been made by legal expert Jeremy Hogan. He pointed out that XRP was conspicuously absent from the list of digital assets deemed securities in the lawsuit. Hogan, who has been closely monitoring the SEC’s legal battle with Ripple over the sale of XRP, shared his observation in a post on X (formerly Twitter) on November 21.

The lawsuit against Kraken includes various cryptocurrencies such as Cardano, Axie Infinity, Algorand, Cosmos Hub, Chiliz, COTI, Dash, Filecoin, Flow, Internet Computer, Decentraland, Polygon, NEAR Protocol, OMG Network, The Sandbox, and Solana. According to the SEC, these digital assets, along with the claim that Kraken offered them as “crypto asset securities,” have also been involved in “one or more” of its regulatory actions against other unregistered intermediaries, including Bittrex, Binance, and Coinbase.

The exclusion of XRP from this list is particularly notable considering the ongoing legal proceedings between the SEC and Ripple. Federal Judge Analisa Torres, on July 13, 2023, ruled that Ripple’s retail sales of XRP did not constitute securities sales, marking a significant victory for Ripple. The company is currently engaged in settlement talks regarding fines for its sales to institutional clients.

The SEC’s demand in the Ripple case includes a substantial amount in damages, estimated at $770 million, as mentioned by legal expert John E. Deaton. This amount pertains to Ripple’s sales of XRP to institutional customers both domestically and internationally, with Ripple seeking to reduce this figure.

As of the latest update on November 24, XRP was trading at a price of $0.6248, showing a 1.08% increase over the past 24 hours. In the last seven days, XRP saw a 1.34% rise in value and has gained 13.81% over the past month.