The world of blockchains and cryptocurrencies has been writing down the wish list for 2022, in hope of those being fulfilled. The lengthening wish list includes the spot ETF of Bitcoin, and Ethereum to start with. More nations are following the footsteps of El-Salvador, adopting Bitcoin and other cryptocurrencies as a legal ledger. And the major one was the settlement of Ripple’s lawsuit.
The legal brawl between Ripple and the U.S Securities and Exchange Commission. Has been nerve-racking for XRP holders, attorneys, and the crypto sphere in general. The prolonging case, and the SEC’s irrational and adamant stance, have left the holders and the digital asset with irrevocable losses. On the other hand, proponents believe in the need for cryptoverse to unite against the unruly conduct of the SEC.
Will The Voice Of Protagonists Go Unheard?
Attorney John E Deaton takes to his social media handle to enlighten the happenings in the Ripple’s legal tussle, whilst penning his views. The advocate cites that, If the SEC truly believed its stance in its case against Ripple. And that XRP is a security, it would have filed an injunction to cease the sales of XRP by Ripple.
He further cites that Jed McCaleb, co-founder of Ripple has made over $2B dollars from sales of XRP since the lawsuit’s filing. Which is more than what the SEC is seeking from the defendants in the lawsuit, which counts to $1.3B.
Addressing the claims made by the SEC, Judge Netburn debunks the allegations made by the SEC. Citing that every person in the world selling XRP would be violating the Section 5 norms of the securities laws. In addition, The SEC is seen informing the judge that the authority does not determine the security aspects, which contradicts their own claims.
On the other hand, a prominent crypto analyst is seen advocating Ripple in its legal brawl in one of his recent videos. The proponent cites the unruly conduct of the SEC and cites that the crypto community should be backing Ripple. As the SEC could possibly strike back at other projects if it wins over Ripple.
Collectively, with more evidence busting the irrational allegations made by the SEC. We can expect things falling in place in Ripple’s favor. XRP has been failing to adhere to the Howey test to date, which counterfeits the claims of it being security. With the lawsuit subsiding, we can expect XRP price to soar higher climbing the stairs to a higher market cap ranking in near future.