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XRP and the SEC Both File for Extension Until December of 2022

Gaurav Roy by Gaurav Roy
April 25, 2022
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XRP and the Securities and Exchange Commission have agreed to postpone the proceedings until the end of the year. It was a mutual decision, unlike before when only the SEC requested for extension, even though it was the one who filed the lawsuit in the first place.

You might be wondering why that is the case. It is the same question for all the people who have been watching the progress of this case since day 1. Before we get into the extension details, you might want to know how it all started in the first place.

XRP and the SEC Both File for Extension Until December of 2022
Multiple crypto coins, including Bitcoin, Ripple, and Shib, are stacked together.

Between the years 2013 and 2020, Ripple has raised a capital of $1.3 billion through selling XRP tokens. Since then, Ripple has already been trading on more than 200 exchanges. By December 2020, the SEC filed a complaint against Ripple, saying that it illegally raised the said amount since Garlinghouse and Larsen did not register XRP security. Still, it was offered to different investors around the globe. Still, between the years 2013 and 2020, there were no prior indications that Ripple had been on the watchlist of the SEC for any offense.

XRP and the SEC Both File for Extension Until December of 2022
A picture of a gavel and its shadow with a plain white background

The battle continues and is likely to continue until probably next year. Both parties have agreed to the extension as a motion for reconsideration. According to Attorney James Filan, this might be a smart move coming from Ripple to lock on a deadline, avoiding further delays from the complainant’s side. He added that this case is “strangely” going backward. However, he also theorized that Ripple has a greater winning chance through this extension, as it would have lost the case if it had pushed through sooner.

This case has been throwing Ripple in and out of the safe zones. Right now, it is now challenged with a $0.70 support.

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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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