The legal dispute between the XRP and SEC is far from over as more and more records are being brought further in real-time, and the case seems to be elongating beyond its bounds. The whole matter in its entirety is that the Securities and Exchange Commission (SEC) has asked Ripple Labs, which is a company behind XRP, to produce records of the transactions made on its network. In doing so, SEC has also stressed that XRP is not a cryptocurrency but security and thus needs to register itself. While Ripple believes itself to be a cryptocurrency and thus requiring no need to register at all, this has opened this Pandora box which doesn’t seem to be closing anytime soon.
XRP should be given a Chance here as SEC Uses every Known Tactic to Bury them in Motions
XRP did bump into a piece of revealing evidence in which the representatives from the SEC are admitting on paper or in some news column that XRP indeed was a cryptocurrency and not a security. This led the scales of justice to tip a little towards the XRP’s side, and they even got permission to go through SEC’s files and stuff to be able to find further information on this. This is all you need to know about the case until now, as the SEC has filed a motion in court against the defendant to produce post-complaint XRP transaction records and has asked the court for more time in the spirit of additional discovery in the form of depositions.
The reaction regarding this request among the crypto community was indeed heated, and a lot of blame has been passed on the SEC for being so paranoid and taking the help of the spaghetti strategy. Because they are throwing a lot of emotions towards courts in hopes that some or even either of them sticks, all of this going back and forth has definitely strained the operations of Ripple in the US, wherein the rest of the world keeps on expanding and engaging with XRP’s operations flawlessly.