Although not as high-profile as the lawsuit of Johnny Depp and Amber Heard, the US Securities and Exchange Commission (SEC) lawsuit against Ripple executives has not failed to make waves in the social media, especially in the cryptosphere of Twitter. After all, it is the future of cryptocurrency itself that is at stake in this project. Everyone knows that if Ripple loses, the SEC will go after most other cryptocurrency projects. We know what will happen to Ripple’s Token, XRP if Ripple loses. XRP will disappear. But what if Ripple wins?
Ripple vs SEC: A lawsuit determining the future of cryptocurrencies
If we are starting to talk about Ripple’s victory, it is because the balance seems to be weighing more and more on Ripple’s side, which has chained several battle victories in the last few words. And as the outcome of the war between the SEC begins to dawn, it is good that we consider what would actually happen if the outcome we want, the capitulation of the SEC, occurs.
James K. Filan, who is the attorney representing the interests of Ripple and its community, recently announced on Twitter that the court had rejected the SEC’s motion to seal certain documents. The SEC would have, in fact, tried to seal more documents than necessary and the court would have asked it to draw up by mail the list of the documents which it wishes to keep under seal and the reason for which it wishes it.
Overall, Brad Garlinghouse, the CEO of Ripple Labs, and his lawyers are working hard to put up a rigorous defense against the SEC’s attacks in order to prove before the judges that Ripple has always been on the side of the law and that what the we are witnessing is nothing but the relentlessness of the SEC against the cryptocurrency ecosystem.
Ripple’s legal team had several notes transferred to Judge Sarah Netburn who is in charge of the case to prove to her that she never gave up collaborating with the SEC.
The trial started 18 months ago and since then all the players in the cryptocurrency ecosystem have been holding their breath. For the moment and even if Ripple Labs has obtained small victories over its opponent the stock market policeman, we still have to know how to keep reason and observe until the end. If the judge agrees with the SEC, then XRP, the native token of Ripple Labs, will qualify as securities and securities. In addition to the sanction that could ensue, such an outcome will inevitably trigger a chain reaction on the part of the regulator, and against the other projects.
A victory for Ripple will be good news for the entire industry which has had a lot of bad news in recent days. And this news is all the more important as it would announce an obligation for the SEC to step back a little in its relentlessness against cryptoassets.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!
Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.