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Additional Details Around the XRP vs. SEC December 2020 Lawsuit

Gaurav Roy by Gaurav Roy
May 16, 2022
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LONDON, United Kingdom – After the reply sent by the Ripple Labs team regarding the Securities and Exchange Commission’s request for attorney-client privilege over Hinman’s documents, the XRP’s price rallied from $0.37 on Thursday to $0.43 on Friday. Another victory for the Ripple team to stash in their bags.

The SEC is set to send their reply on May 18th to Ripple’s statement addressed to Judge Sarah Netburn. Meanwhile, William Hinman remains a central figure in the unfolding of this case.

Additional Details Around the XRP vs. SEC December 2020 Lawsuit
A photo of a chart showing Ethereum and its current volume

If you will recall, William Hinman is the former Director of Finance of the Securities and Exchange Commission. During his stint as so, in 2018, he made a statement that would later be crucial for the lawsuit that the SEC is filing against the Ripple Labs team. According to the former director, Ether and all its network and assets are not considered securities according to his understanding. This excerpt from his statement is what the Ripple team is holding on to, arguing that the XRP should also be treated the same way if it is the case.

William Hinman also attested to four criteria that do not support the defence raised by the Securities and Exchange Commission, which also states that any communication he made during 2018 should not fall under the attorney-client privilege.

Additional Details Around the XRP vs. SEC December 2020 Lawsuit
A photo of a black and white Ripple coin on a black platform

The question is, did XRP violate any law, including the 1933 Securities Act? Ripple claims that its altcoin cannot be considered a security, just like Ether and Bitcoin, as it functions as a medium of exchange. Moreover, Ripple claims that the altcoin is used as an intermediary, purposed for remittance.

The Ripple Defense team also added that if the SEC continues to persecute them, they should have given clarifications on the scope of digital assets. The defendants did not have to provide them with enough guidance on how the rules and regulations apply to XRP.

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Gaurav Roy
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Gaurav Roy

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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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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