The world of blockchains and cryptocurrencies has been compiling a wish list for 2022 in the hopes that it would be granted. To begin with, the wish list includes a spot ETF for Bitcoin and Ethereum. In addition, more countries are following El-footsteps, Salvador is embracing Bitcoin and other cryptocurrencies as legal tender. The biggest one was the Ripple lawsuit settlement.
The legal battle between Ripple and the Securities and Exchange Commission of the United States. It’s been a stressful time for XRP holders, lawyers, and the crypto community in general. The ongoing litigation, as well as the SEC’s unreasonable and obstinate posture, have resulted in irreversible losses for the holders of the digital asset. But, on the other hand, proponents feel that the crypto-verse must band together to combat the SEC’s unruly behavior.
Will the Protagonists’ Voices Be Heard?
Attorney John E Deaton uses his social media account to keep his followers up to date on the latest developments in the Ripple legal fight while also expressing his opinions. If the SEC sincerely believed its position in its lawsuit against Ripple, the advocate claims. Because XRP is a security, it would have sought an injunction to stop Ripple from selling it.
He further claims that Jed McCaleb, the co-founder of Ripple, has gained over 2 billion dollars from XRP sales since the lawsuit was filed. This is more than the $1.3 billion sought by the SEC from the defendants in action.
Judge Netburn debunks the SEC’s charges in response to the SEC’s assertions. First, it was said that anybody selling XRP anywhere globally would violate the securities laws’ Section 5 rules.
Furthermore, the SEC is shown telling the judge that the authority does not decide on security issues, contradicting its assertions.
In one of his latest videos, a notable crypto expert, on the other side, is shown supporting Ripple in its legal battle. The proponent points to the SEC’s erratic behavior and claims that the crypto community should defend Ripple. If Ripple is defeated, the SEC may retaliate against other initiatives.
With additional proof, the SEC’s unreasonable charges are being debunked. Things are likely to fall into place to Ripple’s advantage. To yet, XRP has failed to pass the Howey Test, which calls into question its security claims. With the litigation over, we may anticipate the price of XRP to surge higher in the coming future, climbing the stairwell to a higher market cap position.