- XRP haters argue that it is clearly a security.
- Deaton argues why Ripple was allowed to sell XRP after examination in 2018.
- Ripple CEO hopes for a result this year, striking away any chances of settlement.
The Ripple vs. SEC case has been going on since December 2020 and is very important from many purviews. SEC is trying to establish that XRP is a security and that Ripple sold it, but Ripple is defending the charges. The founder of CryptoLaw, John Deaton, is believed to be a famous XRP enthusiast and shares his opinion on Twitter.
Deaton can be seen arguing with the XRP haters, who feel that SEC is right and firmly believe that XRP is a security and should be treated as such. However, no believable and sensible reason was provided by these haters. Also, SEC has failed to prove that XRP is a security.
The CryptoLaw founder further argued that the regulator could have easily targeted Ripple in a memo on June 13, 2018, when SEC lawyers made an in-depth analysis of the token Ripple Labs works with.
Moreover, after the said in-depth analysis, the fintech giant was allowed to continue their XRP sales. Also, allowing Ripple to buy a 9% stake in MoneyGram, further continuing to “dump XRP on the public” through them.
Even if it is considered for a moment that XRP is a security, why is SEC having such a tough time with the lawsuit?
Brad Garlinghouse, Ripple CEO, expects the case to end this year. Hoping that the judge will decide on the lawsuit probably in the first half. All the necessary documents and proceedings are completed, and the result remains. Brad does not see any chances for a settlement with SEC, as the only demand here is to declare that XRP is not a security.
If SEC wins the case and XRP is termed as a security, this will impact the whole crypto industry, and every indigenous token might be subjected to similar behavior. The industry is suffering very much as it is, and another major shift in its doctrine will be very painful.
XRP is currently trading at $0.4043 with a drop of 0.70%, while its value against Bitcoin dropped by 1.08% at 0.00001772 BTC. At the same time, its market cap remains at $20 billion and is down by 0.70%, while its volume suffered a massive drop of 44.19% at $700 million, with a market dominance of 1.97% and ranking at 6.
The current rate is 89.47%, down from its all-time high of $3.84 achieved on January 4, 2018, and is 14334.26% from its all-time high of $0.002802 on July 7, 2014.
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