Analysis

Empower Oversight Currently Investigates SEC’s Case Against Ripple

California, USA – Empower Oversight, a government watchdog, continues to investigate the ongoing case of Ripple and SEC after the agency suspects a conflict of interest between the involved parties. On the bright side, traders note the possible turning points of XRP on August 31 and October 15

The lawsuit filed by the US SEC or Securities and Exchange Commission against Ripple affected the interest of investors in the blockchain company since late last year. As per the case, XRP sold $1.3 billion under unregistered security. To Ripple’s defence, the company did nothing wrong, and even up to now, it continues to defend its side that there was nothing wrong with the transaction last year.

On another note, a government watchdog, Empower Oversight, suspects a conflict of interest about the case, which is why the agency requested necessary documents related to the case. This agency mentioned in the motion that the story of Ripple and SEC is very similar to what happened to Ethereum (ETH) before.

Empower Oversight Currently Investigates SEC s Case Against Ripple
Crypto traders mark their calendars on August 30 and October 15 for this case

The bottom line of the discussion was that when ETH faced this kind of case, the crypto did well in the market instead of facing losses. According to the agency, this is also what’s happening with XRP, and this is why traders are anticipating some turning points on August 30 and October 15 for this crypto.

On August 31, Ripple and SEC need to submit arguments and provide evidence for fact discovery. The deadline for SEC was June 14, but it asked for an extension to get more evidence. On the other hand, Ripple didn’t agree with this request because it might affect the business.

After the hearing on August 31, traders are marking their calendars on October 15, which is the deadline for the case’s expert discovery. Regardless if Ripple wins the case or not, investors are watching the outcome closely.

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Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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