The battle will likely drag on into next year after Ripple and the SEC agreed on a schedule for the next phase of the case: Filings and hearings on motions for summary judgment will extend to December. Two words might well decide the regulatory future of cryptocurrency. 2020 was a striking year for cryptocurrencies as it ended with the most prominent bull run since late 2017. Jeremy Hogan, a proponent and lawyer in the Ripple community says the SEC vs. Ripple case is drawing to a close. It has scored a number of procedural victories. Also read: Will Ethereums ERC-4337 deployment catalyze ETH price recovery after Silvergate FUD? XRP price could stand to gain from the payment giants win in the SEC vs. Ripple lawsuit. All rights reserved. According to Ripple Labs, the XRP token is not a security. But opting out of some of these cookies may affect your browsing experience. Whats crazy ironic, is that, with Gensler at the helm, the lawsuit could ultimately give Ripple and XRP an advantage moving forward. We also use third-party cookies that help us analyze and understand how you use this website. XRP holders who never sold win. This legal action caused the XRP price to plummet from around 0.70 U.S. dollars to 0.20 U.S. dollars. With a violent drop of over 5%, bulls got caught by surprise. In other words, this should be a positive sign for XRP. The ledger uses an efficient consensus mechanism, which paves the way for fast, low-cost transactions. Finally, Gensler and Co claim that Ripple Labs knew that XRP should be treated as a security and chose not to inform their investors of this information. DOT could witness a 20% crash in the short-term, in response to the tumultuous events in crypto. In partnership with Mastercard, Latin Americas most popular exchange, Bitso launched a debit card in Mexico offering cryptocurrency rewards on customers purchases. Unlike Bitcoin, which holds an intrinsic value and is not a security according to the SEC, XRP facilitates money transfers between different countries and financial institutions. But what regulatory authorities can do is sit at first base and force the out. The Howey Test is the framework used to define whether the XRP token is a security. Officially speaking, the XRP lawsuit refers to a case made by the SEC against Ripple Labs and two of its executives, CEO Brad Garlinghouse and his co-founder Chris Larsen. John Deaton talks about the potential size of Ripple amid a future XRP bull run, capable of overshadowing the likes of Morgan Stanley and Goldman Sachs, and the implications of a Ripple win. Are Payment Cards To Face The Same Fate As Cash In The Virtual Age? But Bez expertly baited the first baseman, running instead back to home plate. The agency first launched into a lawsuit in December against Ripple Labs' CEO Brad. The lawsuit has continued for three years, with both parties submitting final filings and waiting for a decision. XRP Price Prediction What Will Happen to Price if Ripple Wins SEC Lawsuit? What Ripple is doing Ripple does a lot of things. Why is the U.S. Securities and Exchange Commission going after Ripple Labs? You also have the option to opt-out of these cookies. Deaton started out by reminding that Ripple owns over 50 billion XRP; a $5 XRP equals Ripple being worth $250 billion dollars significantly more valuable than MorganStanley or Goldman Sachs. Gensler gets the credit helping his political chances. These cookies track visitors across websites and collect information to provide customized ads. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. The lawsuit could have a positive or negative effect on the price, depending on the outcome. The lawsuit dropped by the SEC on Ripple has alleged for two years that Ripple and its executives, Brad Garlinghouse and Christian Larsen, offered XRP in the form of unregistered securities.. The company is trying to defend itself from a class action lawsuit by early investors, who claim to have been offered XRP with promises of future gains. The lawsuit, filed on 22 December 2020, alleges that Ripple raised over $1.3 billion through illegitimate means. One other set of figures worth looking at is the 260% increase the market as a whole achieved between January 2018 (the height of the 2017-18 bull market) and November 2021 (the height of the 2020-21 bull market). This is the U.S. government were talking about, and it will find a way to get you. What If Ripple Wins The Lawsuit? The lawsuit concerning Ripples activities from 2013 to the present is slightly peculiar as it was filed in the final moments of the previous administration and is considered to be a means to stomp on the potential growth of XRP. But as soon as real dollars become involved, thats where the authorities can clamp down. Three Japanese banks are set to develop a payment system that integrates their stablecoins on a public blockchain while satisfying legal requirements. If Ripple wins the lawsuit, it will not have to pay out an additional 1.3 billion dollars, allowing it to continue working on projects. 2023 InvestorPlace Media, LLC. While this officially only pertains to regulation in the United States, the case will likely affect how cryptocurrency is handled elsewhere as other governing bodies worldwide follow the SECs example. XRP gets listed on exchanges that delisted it. Broker-neutral technology firm FlexTrade Systems FlexONE solution has once again emerged top among the best buy-side execution management systems. All Rights Reserved. Real Rewards Travel Review Invite Earn Cryptocurrency, Ariva Club (ARV) are Highly Sensitive and Relevant to Requirements of Tourists, ARIVA DIGITAL (ARV) CENTRALIZED AND DECENTRALIZED TOURISM NETWORKS, Ariva Wonderland (ARV) Travel Metaverse for Local and Global Tourism Sector, Unique Virtual Assets as Non-Fungible Tokens (NFTs) Using Cryptocurrency, Allowing Players to Purchase Virtual Assets with Cryptocurrency, Axie Infinity Cryptocurrency As A Reward For In-Game Achievements, Play-To-Earn Cryptocurrency Games In-Game Economies and More. If Ripple wins the case, exchange listing skepticism will be disregarded, and more XRP liquidity transfers will start in the US market. It created the XRP ledger to achieve this. Ripple has reframed how the XRP token required to conduct cross-border financial transactions fits within the blockchain ecosystem. All rights reserved. The Ripple Lawsuit has been a long and drawn out saga. Our dedicated and motivated global team is here to deliver the highest quality content. A quick 3min read about today's crypto news! The multi-billion-dollar lawsuit targeted Ripples activity from 2013 onwards. The SEC created a fund from the money it seized and offered Veri holders a buyback if they sold the tokens back to the SEC at a set price. XRP has traded sideways in a support zone from $0.37 to $0.41. Your email address will not be published. Attorney John Deaton's filing of a motion to intervene two weeks ago was a spanner in the works for many who expected the ongoing lawsuit between the United States SEC and Ripple Labs to be a straight and direct back-and-forth. Facebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin. More international banks adopt. Follow us on Twitter @coinmonks and Our other project https://coincodecap.com, Email gaurav@coincodecap.com, We deliver the latest, breaking crypto news about Bitcoin and others. Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Bitcoin Price and Ethereum Prediction: Can BTC Continue to Soar Above $24,000 and What's Next for ETH? The author will not be held responsible for information that is found at the end of links posted on this page. If US regulators fail to make more accurate US blockchain regulations, Ripple is considering relocating, as its usability and centralized nature is beneficial for the financial system. Some of Ripple XRP's rivals include: Stellar Lumens (XLM) Bitcoin (BTC) Litecoin (LTC) Dash (DASH) Ethereum (ETH) Arguably, Ripple's real rivals are not other cryptocurrencies but established payment providers. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Ripple might receive a significant boost in popularity amongst crypto traders and investors. The final judgment created a Fair Fund, so the penalty, along with the disgorgement and prejudgment interest, could be distributed to investors harmed by the Defendants conduct. The post XRP Lawsuit: A Huge Win Secured appeared first on The Motley Fool Canada. What will happen to the dozens of banks? Home Cryptopedia SEC vs Ripple: Will One Lawsuit Decide the Fate of the Crypto Industry? The claim is that they traded $1.3 billion in their cryptocurrency XRP as a security without registering it with the SEC. The Ripple Vs SEC Lawsuit And Its Impact On XRP's Price Rise XRP was once the coin with the greatest potential and innovative use cases for financial institutions and banks. In a nutshell, Hinman may have an expert opinion thats favorable to Ripple since he provided clarification regarding Ethereum (CCC:ETH-USD). Instead, with key legislators getting into the mix, this seems like the early innings of a long ballgame. A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. The SEC alleged that Ripple had violated federal securities laws by selling . We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The cookie is used to store the user consent for the cookies in the category "Performance". Get the latest crypto news delivered to your inbox daily. Ripple goes public and immediately becomes one of the most valuable FinTech companies in the world, replacing SWIFT. XRP prices have been surging recently after a series of legal victories on Ripple's end against the SEC. If the U.S. government wants your money, they'll get it eventually. This cookie is set by GDPR Cookie Consent plugin. The current method of transferring money across countries uses something called swift. Following that, he asked whether Ripple had the authorization to operate in the United States until the final decision . This was highly bullish for XRP, and it was one of the main reasons why it began outperforming the market as a whole about a month or so ago. Community Musings: Ripple and XRP will only have an advantage moving forward. XRP bag holders are waiting for the case to get over. A positive or negative conclusion to the SEC lawsuit will drastically and irreversibly change the blockchain space in the US. Of course, the precise extent of a surge will depend on the state of the global economy, which continues to depress investor sentiment with its combination of high inflation, rising rates, and low (or declining) growth. A close above this level could affirm the bullish thesis and push XRP closer to its resistance at 61.8% Fibonacci Retracement at $0.42, $0.43, and the 78.6% Fibonacci Retracement at $0.46. The price of Bitcoin reached its highest peak of over $58,000, and other prominent altcoins such as Ethereum and Binance Coin capitalized on the market growth. The decision is expected to have serious consequences for the controversial industry. If it settled, it would likely have to pay out a. It will almost certainly have a . No matter where you live, the outcome of the Ripple lawsuit will impact how crypto is taxed and regulated in your own country. The cookies is used to store the user consent for the cookies in the category "Necessary". This is the "win" that the SEC is seeking to have overturned. However, you may visit "Cookie Settings" to provide a controlled consent. John Deaton explained why the worry. Let there be a new price action. The SEC does not like losing lawsuits.
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