The US SEC and Ripple lawsuit has been going on for a long time. Recently, however, it has been gaining clarity and moving towards its solution. Meanwhile, experts have hinted that the SEC has given up on trying to prove that XRP is a security. Here are the latest developments and price expectations for the Ripple case…
Ripple awaits results in SEC lawsuit
The final decision in the long-fought Ripple-SEC case is expected soon. cryptocoin.com As we have also reported, the SEC and Ripple submitted their motions for summary judgment in the case. The decision will be closely scrutinized by various stakeholders in the crypto industry. This is also important in the context of increasing regulatory pressure around cryptoassets.
But the primary issue in the case is whether XRP can be considered a security. In this context, influencer Ben Armstrong considers XRP not a security. He said that the official announcement that XRP is not a security would mean a lot to the crypto ecosystem.
Will the case be settled?
The SEC’s summary resolution hints that a solution may be in sight. Ripple and its community are pretty confident from here on out that the worst-case scenario is just a “fine.” Meanwhile, the price of XRP has increased by 50 percent since this development. However, John Deaton, attorney for XRP holders, quoted his main argument from the Commission’s summary decision.
He mentioned that the SEC said it was funding its business by citing the profit potential of Ripple’s token. The SEC is talking about XRPLedger. However, it claims that token holders do not have any legal or financial claims on Ripple. Ripple owes nothing to XRP. This is the main reason why Ripple cannot be a joint venture. But the commission expert says it’s the XRP ecosystem.
Garlinghouse criticized the SEC
The CEO of Ripple Labs said the SEC has “lost its way”. Garlinghouse said people have seen “the SEC really go overboard.” He also believes that the SEC has been shown to have “failed to show staunch adherence to the law.” A summary judgment means that the case will not be prosecuted and will ask District Judge Analisa Torres to make a decision based on the arguments presented in the documents. Ripple CEO thinks that a trial will not happen. Because only “whether there are uncertainties about the facts” will be analyzed.
What is the Ripple price?
Amid speculation that the decision will be in favor of XRP, the altcoin’s price has risen drastically. According to price monitoring platform CoinMarketCap, the price of XRP is up 2 percent in the last 24 hours at $0.4922. But XRP’s value has jumped 34.4 percent in the past seven days. If the XRP lawsuit decision goes in favor of Ripple, there is a chance that the altcoin price will rise substantially.
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