More On: ripple lawsuit update
In the coming weeks, President Biden will nominate a former Ripple adviser to be the Fed's Vice-Chair for Supervision.
Ripple and the Securities and Exchange Commission (SEC) have gone a long way in their legal battle.
The SEC filed a lawsuit against Ripple in 2020, claiming that the XRP cryptocurrency is both a security and a medium of exchange. Until date, there have been a lot of incidents and evidence relating to the case that have come to light. As a result, a large number of documents show the commission's prejudices and ambiguity in its methodology.
A number of significant occurrences have been uncovered in this instance.
It's safe to say that February 2022 will go down in history as the busiest month of the year thus far. The two legal memoranda to examine the Estabrook Notes to be displayed on camera were revealed to have a mystery behind them this month. Ripples' case has been fundamentally reshaped by the most recent revelations, while the SEC is still attempting to use delay tactics.
Ripple and XRP's legal consulting memoranda got from Perkins Coie LLP attorney in 2012 have been a positive development for them. According to a document from the Securities and Exchange Commission, "Sale may be susceptible to being regulated as securities or commodities by the commission." However, the second memo said that XRP is not a security under federal law.
In this scenario, though, the Estabrook Notes will be crucial. Garlinghouse and then-SEC Commissioner Roisman met, and here are the minutes of that meeting. Intriguingly, this meeting took place in November of 2018; the SEC then sued Ripple in February of the following year.
During the Discovery phase, what comes afterward?
XRP tokens are described in great detail in the notes. The CEO of Ripple is certain that these notes will aid them in their legal proceedings. A meeting with the Commissioner on digital asset legislation will be welcomed by Notes.
The important phase of discovery in this litigation appears to be coming to a finish. Cryptocurrency aficionados should see this as a good omen. Ripple has had a good year, releasing both old and new information about the token's origins. The next 'Conclusion period' will begin as soon as current one ends, and the court will decide the future of XRP tokens.
** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.