In the last weeks of 2020, the US Securities and Exchange Commission (SEC) both gave Ripple; It also sued the company’s CEO, Garlinghouse, and co-founder Chris Larsen on the grounds that XRP is a security and Ripple is illegally selling securities.
On December 22, 2020, Ripple CEO Garlinghouse announced that the SEC is suing Ripple. According to Garlinghouse’s statement, the SEC Bitcoin and Ethereum cryptocurrencies like not a security explained, and that XRP, unlike these securities He had decided that he was. For this reason, the regulator by committing an irregularity blamed.
Before the lawsuit against Ripple 2017-2018 between the years on the rise ripple, from 66,000% more experiencing the rise the highest level ever up to 3.3 dollars had risen.
Ripple, whose price fell after the crypto money market entered the “bear season”, before the lawsuit from $0.78 was trading. However, during the litigation crypto money, which lost many investors, reached 80% lost value and It fell to $0.16I. In the next uptrend, Ripple for 2 dollars had an upward performance.
After the lawsuit was filed, Ripple CEO Brad Garlinghouse stated that the SEC was unfair and made statements to Ripple investors. Garlinghouse made the following statements in his statements:
No need to worry. We are right. We will fight against the SEC’s claims.
In this process, many Including Coinbase and Blockchain.com Many crypto exchanges such as XRP deposit, withdrawal and trading transactions stopping had taken the decision. Influencing Ripple price of the most important factors It is thought that one of these decisions.
In the following process, Ripple investors started a petition for the evaluation of XRP as a currency. The petition received more than expected signatures and the result of the campaign, to the US government submitted as a petition.
Ripple has consistently made statements that the case has been going well and that the use of XRP has increased. Garlinghouse said in his statements that the SEC too many complaints that it slows down the case had done. In addition, the CEO stated that the litigation process went very well:
If a decision is made that XRP is a security, we will need to identify anyone who owns XRP. That’s the SEC’s obligation. Stakeholders will need to find them all. This is not possible either.
made statements.
Like the CEO’s statements, many executives think the SEC is slowing the case. Stuart Alderoty, Ripple’s legal adviser, told the SEC earlier this year:
Justice delayed is justice denied. How about closing the Ripple case as quickly as possible without further delay?
he said.
What is the status of the case?
Company executives, who made harsh statements about the SEC’s continuous postponement of the case, demanded that the situation be clarified as soon as possible, but The last postponing request was directly accepted by the company.. Ripple lawyer Jeremy Hogan made a document on Twitter in March. by sharing of the case may be concluded by November of this year. suggested.
In the document shared by Hogan, it seems that Ripple has accepted to postpone the date of 26 August 2022, when the class action will be taken, to 18 November. According to Hogan’s share, Ripple said that the case will be completed between these dates. is thinking.