SEC vs Ripple Case May Reach 2023 As The SEC Asked For An Extension

The U.S. regulatory body, SEC, has requested the presiding judge over the current SEC vs Ripple case for an extension. The release of the motion had a negative impact on the price of Ripples’ token, XRP. It experienced a downtrend of 1.30% in price as at the time of publication.

SEC Requests Court To Extend The Deadline Of Ripple Vs SEC Case

On the 21st of May, the counsel of six amici curiae filed a letter which the SEC has to comply with. However, instead of giving a prompt response, SEC filed an extension to process its response. The news of the motion filed by the SEC has stirred a lot of doubt in a lot of minds. It is no longer clear when and how the lawsuit would end as the SEC had chosen to delay the case.

Amici curiae is an individual or a group selected to help solve an ongoing legal case with valuable and just insight.

Justice Analisa Torres had initially passed the motion to make holders of XRP to be the amici curiae. As the presiding judge, she believed they would help to solve the case justly.

Nonetheless, crypto speculators believed the motion filed by the SEC was to forestall the amici curiae order. Consequently, there have been conflicting opinions in the market ever since.

The Ripple Vs SEC War: When it all Began 

Two years ago when the ongoing SEC vs Ripple started, it stirred a lot of disturbance in the market. Many Cryptocurrency exchanges stopped supporting XRP as it was accused of being a security token.

On the one hand, Ripple has been emphasizing that XRP is never a security but a utility token. On the other hand, SEC kept waging war, claiming XRP is an illegal security offering. The regulatory body also accused Ripple of hiding essential documents on the finance and management of the crypto firm. The SEC also accused the exchange of raising $1.3 billion illegally from which their top executives enriched their pockets.

The crypto firm kept retorting that the regulatory body is twisting facts. They claimed their native token is nowhere close to the standards of being a security scheme. More so, Ripple tweeted that SEC’s Lawsuit was a battle on the whole crypto industry, not on Ripple alone. These and more accusations thrown at Ripple have met with constant denial since the case had begun.

When the lawsuit will end is not yet certain due to the recent extension request that SEC made. Many crypto analysts had reasoned that there is possibility that the case would transcend to 2023.

Leave a Reply

Your email address will not be published.

Related

Investors Excited As XRP Market Capitalization Hits $20 Billion

It’s been wide jubilation today after XRP investors heard the announcement that the market capitalization has surged to $20 billion. XRP: a cryptocurrency developed and managed by Ripple, a San Francisco, United States, distributed data company. It was gathered that the coin itself responded to this development through a climb in price – it was […]

GlobalTrades Review, GlobalTrades.io – Is Global Trades Scam or a Good Broker?

GlobalTrades Trading Platform Rating 4.6 Summary Read our Global Trades review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is globaltrades.io scam or legit” and much more! https://globaltrades.io/ GlobalTrades Review As people look at cryptocurrencies and their immense success, they are eager to start their own trading businesses. While […]

Belgium Regulator Sets To Impose New Crypto Ads Rules

The Belgium government has mandated that every firm offering crypto advertisements should register with it before launching any campaign. Henceforth, any crypto advertisement without the government’s backing would be treated as an offense with heavy consequences. According to the report, the Financial Services and Markets Authority (FSMA) of Belgium recently announced that every potential crypto […]

Profit-taking on BTC Surge, As Price Breaks The $27,000 Threshold

It has just been confirmed that BTC has experienced the most extensive profit-taking activity since the last quarter of 2020. This information was obtained from data released by Santiment, an on-chain data analytics company. The released data also states that the profit-to-loss volume of the day-to-day ratio on on-chain transactions was one of the major […]

Governments Who ban Drugs Should Ban Crypto Too, Said Belgium’s Ex-Finance Minister

The former finance minister of Belgium, Johan Van Overtveldt, reportedly suggested that any country that bans drugs should also ban crypto assets. According to reports, he made the statement during the recently concluded European Parliament meeting. During the meeting, the parliament was reportedly deliberating on the effect the recent collapse of three crypto-friendly banks, Silvergate […]