• Sun. Feb 25th, 2024

SEC is Trying its Best to Keep Away XRP holders from the XRP Lawsuit

Christian Klausen

ByChristian Klausen

May 19, 2021
“XRP Is Security & Not Crypto Currency”, Says SEC

The long-fought battle between SEC and XRP is still unfinished as the lawsuit continues without any marginal end in sight. There have been developments where momentarily it seemed that XRP might come out as victorious, but following an interesting turn of events, the boat tugged to the other side, and SEC seemed to be making a stunning comeback at XRP.

For those of you who don’t know, Ripple is not currently able to launch its token in the USA, and any and all types of trading for XRP are prohibited by the Securities and Exchange Commission (SEC).

The case is that SEC believes XRP is not a cryptocurrency but security, meaning it should be properly registered and authenticated to be able to go about in the USA, but XRP insists that it is a cryptocurrency and not a security because SEC accepted this fact way back and is not denying it altogether.

To prove this point, XRP presented an old article in which SEC seems to be pointing at XRP as a cryptocurrency, thus giving XRP a strong point to build their case. Long story short, XRP is urging the court to let users present substantial evidence that can turn the tide on their side, but SEC is continually getting in the way of that discarding any request of intervention put in by XRP.

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XRP holders, on the other hand, have a very custom take on this whole thing as requesting the court that they should be able to speak for themselves. In a statement, XRP has said that ‘XRP holders don’t mean to broaden the scope of the SEC claim.

All they want to do is provide the court with their side of the story and thus give out critical information to the court that is an absolute necessity if the case is to proceed on fair grounds.’

On the other hand, SEC keeps screaming that it will delay things and make the court take around spin around nothing, to which XRP holders have reassured that the intervention will not lead to a delay in the proceedings or the legal matters of the case.

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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