Ripple vs SEC: XRP latest court case update
Ripple native token XRP has consistently stayed in the top charts as one of the most valuable coins on Coinmarketcap for the past two years, with a market cap of over $ 18 billion and occupying the 6th position on Coinmarketcap.
The initial growth and buzz around XRP has slowed down in the past due to legal issues with the SEC (Security Exchange Commission).
Ripple has been embroiled in a row with the watchdog of the SEC since 2020, and it seems like the case isn't ending anytime soon.
The genesis of the SEC court case with Ripple
The SEC court case with Ripple is based on the belief that the $1.3 million raised by Ripple is illegal because it classified XRP, the native token of Ripple, as a security and not a digital asset, which has placed XRP under stringent security laws.
SEC's position on the court case
SEC's stance on the court case is that the way in which Ripple raised their ICO with XRP is illegal, as contained in the documents released to the public on December 20, 2020, which include a detailed report on the charge against Ripple.
However, Ripple, in response, claimed;
As stated in their whitepaper, XRP, the native token of Ripple, is used for cross-border payment and is available on exchanges worldwide.
Latest court update
In the latest XRP court case update, SEC seems to have suffered a setback, one of the series it has suffered since the start of the court case with Ripple. In their latest animosity, Judge Netburn approved Ripple's motion to authenticate SEC officials' public remarks.
Netburn also ruled that expert's identity should not be sealed.
According to James K.Filan, a defence lawyer who has been sharing critical updates about the Ripple vs SEC lawsuit on his Twitter account.
"A letter from the SEC asks the parties to seal portions of their oppositions to Exclusion Motions that contain information identifying SEC experts and some financial information about one of the SEC Experts."
One of Ripple's defence attorneys is Mary Jo White, the former chairman of the SEC. Having someone who has occupied an important position in the SEC as a defence attorney proves that Ripple is not treating the XRP court case unseriously.
Implications of the XRP court case on the cryptocurrency industry
The cryptocurrency community is looking at how the Ripple and the SEC case will end with keen interest, as it will have a ripple effect on the legal status of cryptocurrency in general.
Regardless of the case's outcome, the status of some cryptocurrencies will surely change to being classified as a security or commodity, leading to a significant disruption in the cryptocurrency industry.
Author: Boboye Adeyemi
Adeyemi is a content writer/marketer with a year of experience writing quality content for various clients & brands in the cryptocurrency, blockchain, and technology industries. Adeyemi has experience in social media management/marketing, email marketing & SEO services.