Ripple has a Strong Defense and has been One Step Ahead of SEC in the Ongoing Lawsuit

The ongoing lawsuit between the Securities and Exchange Commission (SEC) and Ripple, which is a cryptocurrency but, according to SEC, is not a valid one, which is why there is a lawsuit. It has been more than 170+ days, and there is no clear winner yet. SEC believes that Ripple is not a cryptocurrency but security, and that is why it needs to register itself and provide proof for all the transactions that took place using its blockchain back in the day. On the other hand, Ripple says that it is not a security but a cryptocurrency, and the SEC back in the day has attested to it themselves but now seem to reject it altogether.

There have been a lot of motions thrown from each side, and it seems that this lawsuit is something special and unique as we couldn’t reach a final decision all this time. The SEC’s agenda of asking for legal advice documents from Ripple did prove fatal to their own defense as it backfired against SEC, and it lost its prime argument against the defense. On the other hand, Ripple has been playing it smoothly as it has already made two crucial defenses and been tackling the SEC’s blame game quite well.

On the other hand, the SEC has been demanding extra witnesses for the discovery, but it didn’t work as well because the court asked SEC to produce documents for all cryptocurrencies, including Bitcoin, Ethereum, and XRP, of course. Many experts have theorized that even if Ripple wins this motion, it doesn’t mean that it has won the trial.

Talks of the fact that Ripple should consider parting with SEC on good terms are still out there. If Ripple wants to go for an IPO, it should consider making its relation whole with SEC because it is SEC that will oversee that IPO for Ripple. So, it is the best thing for Ripple at the moment rather than going after SEC and trying to uproot it completely. This is not how Ripple should handle things, according to the experts.

Leave a Reply

Your email address will not be published.


FINCI Helps Open New Market for Ripple

A New Partnership Ripple looks to expand its reach by teaming up with Lithuanian company FINCI. Ripple will make available RippleNet’s ODL services that use XRP to link two currencies, which reduces the cost of operations and speeds up transactions compared to traditional ways. The collaboration rests upon the use of RippleNet’s international payment network […]

ECB’s President, Christine Lagarde, Says Crypto Assets Have No Worth

In an interview, Christine Lagarde, the head of the European Central Bank, made it quite plain where she stands concerning the value of digital assets. Head Of ECB Label Cryptos As Worthless According to a survey by Politico, the head of the ECB noted her position on crypto. The ECB head stated that digital assets […]

UK Regulators are Investigating Terra’s Fiasco and Considering Crypto Rules

UK cryptocurrency market regulators are currently investigating Terra’s plunge. It began amid the recent cryptocurrency market massacre. The leading cryptocurrency in the market, BTC, fell as low as $26,000 during the market downturn. At the same time, Terra fell by about 100%. Terra’s Meltdown Under Investigation as UK regulators Consider New Crypto Rules While regulators […]

FTX Launches Stock And ETF Trading Option In The United States 

A prominent cryptocurrency exchange, FTX, is getting into the stock trading business. Soon, its users will be able to trade equities and exchange-traded funds on the platform.  Only A Few Users In The United States To Enjoy The Service  The Wall Street Journal reports that the firm Sam Bankman-Fried helped establish and serve as its […]

Major Australian Bank Shelves Crypto Launch Plan

CBA’s Crypto App Plan As previously mentioned last year, Australia’s biggest bank disclosed plans to let its users carry out crypto-related transactions on its app.  It has been taking its plan to develop the project but as not stated a particular time it will finally launch the project to the public. It also has plans […]