This was followed by by the judge denying an SEC application to redact the names of the consulting firms that assisted its expert witnesses on 19 December 2022 as part of a series motions, which were granted, to seal court documents in connection with expert challenges. Ripples fight against a lawsuit from the Securities and Exchange Commission has gone exceedingly well, CEO Brad Garlinghouse said. What financial advisors need to know about crypto. Alderoty's comments come not that long after bosses at the tech firm expressed their confidence that the case, which is currently before Judge Analisa Torres of the United States Southern District Court of New York, would be decided relatively soon. This potential harm to the SECs mission outweighs the publics right to access documents that have no relevance to the courts summary judgment decision., If the SEC cannot evaluate the veracity of such claims then it had no business bringing this litigation in the first place., The absence of formal rulemaking has led to unexpected enforcement actions like this one that create market uncertainty and profoundly disadvantage US trading platforms like Coinbase as they compete with offshore platforms in jurisdictions where there is no risk of regulatory enforcement surprise., Ripples decision to fight this case in court provides an opportunity for the industry to push back against the SECs regulation by enforcement agenda and open the door to modernised standards for the industry., The difference between trading assets and CFDs. Responding to a viewers question about Cardano being the next potential target of the SEC, Hoskinson noted that regulation through enforcement is problematic and added there is uncertainty about who the regulators might decide to fight next. (@lawmaster) December 30, 2020. Rocket Pool (RPL) On 4-Day Bullish Streak After Shapella Crypto Investment for Long Term Growth in 2023. It also requested that any additional amicus briefs be handed in by 11 November 2022. Image via Shutterstock. What the SEC is arguing is that XRP is an unregistered security that was sold by Ripple, Brad and Chris, and that all three parties engaged in bad business practices to enrich themselves in the process. The Ripple (XRP) Lawsuit: What You Need to Know The outcome for Telegram saw the court side with the SEC, resulting in a civil penalty of $18.5 million and the return of $1.2 billion to investors on the sale of unregistered Gram tokens. The legal teams restated their positions on whether XRP should be classified as a security. In its motion, the SEC argued: The private charter jet company TapJets and the payment provider I-Remit were the first to submitamicus briefs in support of Ripple. Thats an SEC requirement. What will happen with Ripple (XRP) if the SEC wins the case? It peaked at $0.507 on 5 November, but then plummeted after the LBRY news. As of writing, XRP price stands at $0.4493, up 2.60% in the last 24 hours, according to price tracking platform CoinMarketCap. Meanwhile, he remains a strong believer that Ripple would win the case. To the average onlooker it may not be entirely clear why this is happening, nor why this lawsuit may have implications on the entire cryptocurrency space. Then, on 21 November, a status conference was held between LBRY and the SEC. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. Ripple's court battle with SEC has gone 'exceedingly well,' CEO With XRP's largest public holder under investigation by the SEC, institutional investors have not made big moves in the altcoin since December 2020. Ive read the Coinbase Writ. This lawsuit against Ripple will likely drag on for a year or more. In it, he refers to cases involving Tezos, EOS, Telegram, and Kik. Another motion was granted on 21 September 2022 that gave deadlines for motions to seal requests that prevent evidence in a case being made public. There is one thing that investors do not like and that is uncertainty. With that being said, Garlinghouse appears to be confident that Ripple will be able to secure a victory over the regulatory watchdog. Ripple created something that has an ecosystem that will survive Brad, Chris, David or anyone else. XRP gets listed on exchanges that delisted it. In the case of Kik, the court also sided with the SEC over charges of illegally selling its unregistered Kin tokens. But I feel very good about where we are relative to the law and the facts.". While Garlinghouse has been silent on the matter since Christmas Eve, it looks as though this case will go all the way to court. Thewin by the SEC in its case against the publishing crypto project LBRY in November 2022 could have set precedent for the XRP hearing. XRP Whale Moves $19.7 Million Away From Binance, Bullish Sign? At the time of writing, all eyes are on Judge Torres as the world of cryptocurrency awaits the outcome of the Ripple court case. Disclaimer: These are the writers opinions and should not be considered investment advice. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The long-running court case between Ripple Labs and the US Securities and Exchange Commission (SEC), which could set a precedent for the whole cryptocurrency industry, could come to an end after the Ripple/SEC lawsuit entered its third calendar year. Image via Twitter. He argued that XRP, like most Layer 1 protocols, does not pass the Howey Test and is not a security. All three companies are reliant on those commodities, but nobody would say that holding oil represents a share in an oil company. Ripples summary of their Wells Submission also states that the DOJ and FinCEN consider XRP to be a virtual currency as per their 2015 suit against Ripple. Each passing day sees another crypto exchange either suspend or removed XRP trading altogether. Image source: Lauren Justice/Bloomberg. Win up to $1,000,000 in One Spin at CryptoSlots, BitBoy Believes XRP Is Best Altcoin Bet For Future Bull Run. According to Deaton, the law is on the side of the US crypto exchange. However, even if Ripple successfully argues that XRP is not a security, it does not necessarily absolve it nor its head honchos from any wrongdoing. Ripple With time, crypto enthusiasts have become numb to the battle. Ripple Whats particularly worrying for XRP holders is that the SEC has rarely lost a court case. Just weeks ago, XRP was outperforming Bitcoin, and everything Ripple related was coming up roses. How High can XRP price reach after Ripple wins the SEC Lawsuit? The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in an unregistered securities offering to investors in the U.S. and worldwide. The carnage starts on page 8, when the suit goes into incredible detail about the history of Ripple and XRP and how it was distributed. Charles Hoskinson, the founder of the Cardano blockchain and cryptocurrency, has shared his views on the case on Twitter. The US District Court Judge Analise Torres has rejected SECs second attempt to withhold the so-called Hinman documents. An excerpt from the documents read: It also does not guarantee that this information is of a timely nature. On Sept. 29, a U.S. District Court judge ruled to release emails and other correspondence written by former SEC Corporation Finance Division Director William Hinman related to a speech where he said ether (ETH) was not a security because, like bitcoin, it was sufficiently decentralized.. Kristin Smith, the executive director of Blockchain Association, said in a statement: In response to these filings, the SEC filed a motion to extend the time to reply to these briefs with the new deadline proposed for 30 November 2022. But a subsequent ruling on the relevant LBRY case, which labeled that cryptocurrency a security, sent XRPs price spiralling down. XRP If the Ripple lawsuit outcome in One of its reporters later revealed that a Ripple spokesperson had denied these claims. Gary Gensler, who took over the SEC four months after the suit was filed, also gained attention as a result of the suit. It was recently announced that Coinbase was going to be suspending trading for XRP on account of the SEC action against the company. Among other things, this means that US-based cryptocurrency exchanges would potentially be required to delist the XRP token. The CEO explained what an unfavorable resolution of the lawsuit could mean for Ripple: If you determine XRP as a security of Ripple, we have to know every person that owns XRP. This indicates more pressure building on the 55-day Simple Moving Average (SMA), which could soon snap under selling pressure. If you feel you are raising an eyebrow, take a second to consider what makes a stock go up or down. This a very binary view or outlook, thus, as it makes total sense to look for where the Ethereum price is currently trading at. How high will the XRP price rise if Ripple emerges victorious? In a separate thread, Larsen agreed with Hoskinson on the larger point at hand. The token managed to break past the $0.50 barrier again and achieve a high of $0.54 on 9 October 2022. Another requirement is that Ripple would have to know every person that owns XRP, which would likely be a logistical nightmare. Ripple wins The judge overturned the SECs objection on 29 September 2022, after the commission claimed it was protected by deliberative process privilege. Friends of the court have until November 18 to file their briefs. December 22, 2020 - The SEC sues Ripple over alleged securities violations. The XRP Army, proponents and supporters of XRP, have unearthed one of the 13 entries that count as internal SEC documents in the case. Bitcoin price shows no signs of bullish momentum as it hovers below a critical psychological level. Theres also a chance that the wider digital asset space will be saved from the SEC given the precedent-setting nature of the lawsuit. Win Lawsuit However, Hoskinson has since been the target of abuse from the XRP community. Even If Ripple Wins Its SEC Lawsuit, the Crypto Be a smarter, safer investor in eight weeks. However, the SEC asked the judge to deny these requests. One Judge put it this way: the SEC can only ask the question and the court ultimately answers. CoinCodex is a cryptocurrency data website that tracks 24372 cryptocurrencies trading on 422 exchanges and provides live crypto prices. Ripple SEC suit decision: XRP court ruling timing and details in full FXStreet The very fact that there is an independent XRP army criticizing me is proof of this reality. Join the 520.000+ traders worldwide that chose to trade with Capital.com, Also you can contact us: Pseudonymous XRP proponent @digitalassetbuy believes that Hinman's speech came from a collection of people's opinions. As such, while Garlinghouse says, we are not only on the right side of the law, but we will be on the right side of history, the truth of the matter is that the SEC has a strong track record. We all should be outraged, wrote the CEO, and added that the SEC has forgotten that its in the service of the people. On 18 January, Ripple CEO Brad Garlinghouse told CNBC: "Were optimistic that this will certainly be resolved in 2023, and maybe [in] the first half. The judge is expected to reach a verdict by late 2022, or early 2023. He posted a 15-minute video on Twitter about the XRP community and separately tweeted: Ive never seen a group so radically pick up a few words and run with it. How Ethereum's evolution impacts crypto markets. Ripple CEO Brad Garlinghouse told CNBC that he expects the lawsuit with the top US financial regulator to end in 2022. pic.twitter.com/rb9HdmYVy7. Here is Judge Netburn: #xrpwins https://t.co/sTa57B2JRR pic.twitter.com/88e4IWApH0. Larry Cermak ? Overall, the successful resolution of the lawsuit is one of the primary long-term catalysts for XRP and the reason why it could reach new heights in the future. Follow The crypto is hovering around $0.46 on Monday and has barely rallied in price in 2022. Please refer to our Risk Disclosure Statement. On 18 April, SEC Chair Gary Gensler refused to say whether or not XRP was a security. Jeremy Hogan, an attorney and partner at the law firm Hogan & Hogan, tweeted: I would expect this case to make its way into the SECs final brief in the Ripple case., LBRY fought the good fight but lost at summary judgment.The Judge hung his hat largely on the fact that there was essentially no use for the tokens at the time of the sales.I would expect this case to make its way into the SEC's final brief in the Ripple case. Capital Com SV Investments Limited, company Registration Number: 354252, registered address: 28 Octovriou 237, Lophitis Business Center II, 6th floor, 3035, Limassol, Cyprus. On April 11, the presiding judge on the regulators case against Ripple, Sarah Netburn, reached a ruling that William Hinman's documents should not be withheld by the SEC. The next day, the SEC officially announced their lawsuit against not just Ripple, but also Ripple CEO Brad Garlinghouse, and Ripple co-founder Chris Larsen. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. For XRP to survive, it needs to stay in the top 100 cryptocurrencies by market cap the higher the better. By the end of the month in which the complaint was filed, Ripples market capitalization dropped to $16 billion. Ekta Mourya According to crypto researcher Larry Cermak, that leaves Kraken as the only big exchange serving U.S. users wishing to trade XRP. XRP SEC lawsuit saw an interesting twist as both parties, Ripple and the SEC, filed their respective motions for summary judgment on September 17, calling for the federal judge to reach a verdict on the case as soon as possible, with no jury involved. Meanwhile, cryptocurrency whales have bought $155.4 million worth of XRP (420,000,000 XRP) in the past month, according to data from Santiment. However, both Ripple and the SEC have shown a willingness to exhaust every legal avenue available to them in order to swing the tide of the courtroom battle in their favor. The legendary trader and analyst Peter Brandt shared a potentially constructive long-term chart, analyzing the XRP/USD pair. This means that the financial regulators will be forced to produce documents relating to a speech made by former SEC official William Hinman, who in 2018 argued that Bitcoin and Ethereum couldnt be considered securities. The size of the potential loss is limited to the funds held by us for and on your behalf, in relation to your trading account. Top 5 AI Crypto Projects: Artificial Intelligence on the Blockchain! By November 18, 2022, the Association, six XRP holders, Coinbase, the CCI, Valhil, Cryptillian, Veri DAO, Reaper Financial, InvestReady, NSEI and Paradigm must file their formal briefs. The SEC has filed a motion to protect documents requested by Ripple from public viewing. News and analysis for the professional investor. The final version of Hinmans speech discussed a concept that is central to the Ripple founders defense theory whether assets that function solely as a means of exchange in a decentralized network are not a security, even if they could be packaged and sold as a security, Liz Boison of Hogan Lovells, wrote in an opinion last week. Ripple, the company behind the XRP cryptocurrency, has been embroiled in a high-profile court case with the U.S. Securities and Exchange Commission (SEC) since December 2020.

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