Dubai, UAE – The Securities and Exchange Commission and Ripple have been battling head-on since December 2020. The former filed a lawsuit against Ripple for generating tons of money without properly registering itself as a security. The SEC argues that XRP is a security and that it needs to be registered. The lawsuit included dates that happened way back in 2013, which Ripple had to defend against.
According to one of the executives, CEO Brad Garlinghouse, there were no clear rules in terms of cryptocurrency by the laws provided by the SEC. Ripple was not the first cryptocurrency asset that has been hunted down by the SEC, but it is one of the first ones that fought against the SEC instead of having a settlement. This incident is one of the reasons why people believe that whatever resolution there will be, it will set the course for all cryptocurrencies in the future.
The SEC requested several extensions when the court opened the case, and according to Garlinghouse, it is one of the delaying tactics that the SEC is doing to “prolong justice.” He further added that justice delayed is justice denied. However, in a recent interview, Garlinghouse said it is quite good for XRP since the resolution could come earlier this year. He is not 100% sure of it, but it is not impossible, and he has an optimistic view.
Apart from his statement against William Hinman, he also called out the SEC’s Chair, Gary Gensler, for saying many things that do not make sense and that it is another attempt to delay the case.
Ripple continues to thrive despite this pending case with the SEC, and it operates under the assumption that it has already lost.
If you hold an XRP, you might want to follow this case as it impacts how the coin moves.