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.