Ripple is gaining confidence as investors are showing their trust in them for the third consecutive week.XRP investment products are again gaining ground.
Ripple versus SEC Case Hots Up
The lawsuit that was filed on 22nd December alleges that R raised over 1.3 billion dollars through illegitimate means. The SEC complaint also holds accountable Christain Larsen, XRP co-founder, and Bradley Garlinghouse the current Ripple CEO, citing that they made significant gains in the process.
If SEC wins the case then XRP(the native cryptocurrency of the R Blockchain) will be considered as a security rather than a currency in the US. This could in turn set a legal precedent that similar cryptocurrencies be classified as securities as well. Therefore the case against Ripple is important for all stakeholders within the crypto space including investors, blockchain innovators, and lawmakers worldwide.
An XRP win would be seen as a huge win for crypto and might even spark an unlikely XRP-led crypto market revival in the midst of an ongoing bear market.
According to James Butterfill, the research head in Coinshares the R XRP is getting support from top hitters in the cryptocurrency industry. Blockchain Association and Coinbase are also showing their faith in them.
R Stuart Alderoty said on November 4 that many industries, developers, and trade associations are ready to back us and that shows how erroneous SEC is.
Looks like the end is near because both R and the SEC have called for a summary judgment. The final outcome would still take some time to come. Recently SEC won its case against LBRY (Blockchain-based file sharing and payment network) this has put Ripple on the back foot. Though Ripple’s lawyer John Deaton has said that he is very confident that they will win.