A few months back Securities and Exchange Commission of USA (SEC) filed a case against Ripple Labs executive. The lawsuit’s main point was that the Ripple Labs executives Brad Garlinghouse and Chris Larson allegedly have been selling unregistered securities in the US territory. However, there had been monumental friction from the 10,000 XRP investors in America.
The XRP holders in America are being represented by senior lawyer John Deaton. He has managed to get them a seat in the case proceedings as third-party witnesses. The same crowd has also been active on various social media platforms to trend the #RelistXRP movement and to register their protest against the SEC lawsuit. The crypto community is hanging on to every new development in the case as it is raising important questions about Bitcoin and Ethereum.
The Defendants of Ripple Labs Lawsuit Strike Back
The Ripple labs case is not just about one top trending digital asset; it has only become a case study to understand how the US government can move forward about regulating digital currencies in the future. The former SEC chief Jay Clayton who is responsible for all this commotion, has also said that crypto enthusiasts should be prepared for upcoming digital asset regulations from the Federal authorities.
Meanwhile, Jeremy Hogan, an independent lawyer, has flogged a massive following on social media platforms for issuing insightful facts about the case. In his recent tweet, Hogan made a sensational remark that SEC has already accepted XRP as a digital asset in a previous case. It should be noted that judge Sarah Netburn has already instructed SEC to produce irrefutable evidence for the cause of distinction between BTC and ETH.
XRP Price Rally Expected to Take the Coin Back into the Top 3 Rankings
The Ripple Labs executive Brad Garlinghouse tweeted today that it is a good day. The simple tweet marks the approaching drop scene of the SEC lawsuit charades. At one end, XRP holders in the USA are busy rallying for relisting of XRP on major crypto exchange platforms. On the other hand, the XRP price rally has started taking the altcoin to the 4th top rank with an 11.17% jump.
Jeremy Hogan shared the documented evidence from the Matthew T. Mellon Case from 2016, where the SEC reportedly accepted XRP as a digital asset. Now Hogan insists that SEC needs to explain that how a digital asset transformed into digital security between that duration.