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.
Even if Ripple (XRP-USD) investors began the week with a bang, it doesn't appear like the business is out of the woods just yet.
Ripple, on the other hand, is still mired in a case brought against it by the SEC (SEC). It's possible that a previous XRP lawsuit update indicated that the case was nearing its conclusion. However, according to the latest sources, Ripple is still experiencing legal challenges.
Ripple's legal struggle with the SEC has been going on for almost a year now. Ripple is accused by a federal agency of conducting an unlawful security offering worth $1.3 billion beginning in late 2020. However, Ripple claims that the XRP currency sale was neither an ICO or a security offering at all.
An ongoing legal struggle over crypto projects is likely to be sparked by this case. The SEC argues that XRP is a security rather than a currency, and this is the central point of their case. The XRP currency has a purpose, according to Ripple, and this is something the company is quick to point out. According to the firm, its role is to facilitate low- or no-cost international payments.
ISO 20022, a new standard language for international finance, greatly strengthens Ripple's case. One of the few digital currencies that complies with the criteria is XRP (cryptocurrency). As a result, many investors believe that XRP is a currency, rather than an asset, because of this compliance.
Still, the investigation continues. This year, Ripple appears to be confident in its ability to end. Last Monday, records revealed that, without a settlement, the trial might conclude between August and November of 2022. However, according to the latest reports, a shutdown is not expected for some time.
Ripple's XRP Lawsuit Update: A Judge Denies Motions, Creating Setbacks for Ripple
After hearing that a judge had rejected a key SEC request this past weekend, many investors began to celebrate an end to the trial. It appears that Ripple isn't as far ahead as investors had previously assumed.
The SEC and Ripple have both been rejected key motions today. The SEC's move to strike Ripple's fair notice argument was refused, according to the first part of this story, which broke on Saturday. To put things in perspective, Ripple argues that the SEC failed to provide it adequate warning that its coin distribution was improper. Ripple The Securities and Exchange Commission (SEC) filed a motion to dismiss this defense in April of last year. When a presiding judge threw out this filing, it signaled that the case was moving forward to trial.
As a result, XRP cryptocurrency enthusiasts celebrated the development as a major milestone. A Ripple filing was also rejected by the judge, which these investors were unaware of. In March of last year, the corporation filed its own move to dismiss the lawsuit itself. However, CEO Brad Garlinghouse maintains that even if the SEC's complaint accusations were true, they would not be enough to win the case.
As soon as the first part of this news broke, XRP supporters were ecstatic. If the judge were just dismissing the SEC's motion, Ripple would be expected to prevail. However, it's clear that the investigation is only getting started.
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