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Is Ripple vs SEC nearing a conclusion? XRP Price Seems to be Under Pressure!

Written by: Mustafa Mulla

September 18, 2021

The Securities and Exchange Commission’s case against Ripple is nearing its conclusion. Approximately thirteen papers have been withdrawn from public view in the most recent step in the litigation. The records have been designated as confidential and are no longer available to the public, according to the latest development in the continuing case between the SEC and Ripple. 

The Securities and Exchange Commission has filed a motion to prevent the release of records requested by Ripple. The XRP Army, a group of XRP proponents and sympathizers, discovered one of the thirteen things in the case that count as internal SEC records.

The SEC has requested additional evidence of Ripple employees’ Slack communications. In fact, Ripple has already sent out copies of these communications in part. 

On social media, Ripple CEO Brad Garlinghouse slammed US Securities and Exchange Commission Chairman Gary Gensler. 

Garlinghouse stated he “loves Twitter” in response to a 2018 video in which the SEC chairman acknowledges the company’s primary talking point about the need for regulatory clarity.

Also Read : Ripple and Coinbase on SEC Radar! Garlinghouse Slams Gensler Over Testimony

No Plans to Settle

Ripple’s legal team told Fox Business’s Charles Gasparino that the business has no intentions to settle the lawsuit since the lawyers have absolute certainty that their “fair notice” stance will win the case.

Because he indicated on June 2018 that ether was not a security, Hinman’s speech is considered critical to the proceedings’ result. Hinman claimed at the time that he notified Ripple about XRP and encouraged the business to stop selling the cryptocurrency. 

Gary Gensler, the current SEC chairman, on the other hand, refused to respond when asked about Hinman’s testimony. 

As part of the ongoing cryptocurrency sell-off, the XRP price is under pressure. The XRP is currently trading at $1.09, down almost 20% from its all-time high this month.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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