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The SEC’s Lawsuit Could be Catastrophic as Discovery Phase Begins

Jamie West by Jamie West
March 13, 2021
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Ripple’s “fair notice” defense steadily becomes the central point of contention in the early stages of the legal dispute between the company and the United States Securities and Exchange Commission. In the lawsuit, the US SEC claims that Ripple sold the XRP as an unregistered offering. On the other hand, the company argues that there wasn’t a reasonable way to know that the XRP was a security.

In the company’s fourth defense, Ripple wrote that due to the lack of clarity and fair notice about its obligations under the law and the lack of clarity from the Plaintiff’s interpretation of the law, It had no way of knowing that what it did was prohibited.

As Jeremy Hogan, a well-known attorney from the XRP community, explained in a new video, it’s all about the defense. However, if the judge agrees with the US SEC’s recent letters that this defense is “improper,” several arguments from Ripple will be null and void. 

Caption: Judge could void Ripple’s Arguments if SEC’s argument is accepted.

Caption: Judge could void Ripple’s Arguments if SEC’s argument is accepted.

An example would be that FinCEN’s 2015 decision would not matter despite already being issued. Hogan also states that the “Sensation” that the US SEC was already approached by at least one cryptocurrency exchange about the vacant securities status in 2019 wouldn’t matter either. However, the attorney thinks that the approval of this application is unlikely. 

Hogan also says that the US SEC’s recent move shows that the agency is “nervous.”  Since the discovery phase began, Ripple is demanding that the US SEC provide transcripts of conversations with exchanges that mentioned XRP. 

At the same time, Rosalyn Layton expressed her views in an article on Forbes, which mentioned a possible class-action lawsuit against the US SEC because of its misguided decision to sue Ripple. According to her, the newly-elect SEC Chairman Gary Gensler faces a disastrous mistake thaw he needs to sort out as soon as possible.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: cryptocurrency newsripple news todayRipple pricexrp news predictionxrp news todayXRP price
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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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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