The SEC is on the defensive in cryptocurrency court case against ripple
Ripple is quite a well known cryptocurrency coin and for many people, this was deemed as the coin of choice for transactions. This is because ripple allows for transactions to be processed very quickly, and in some cases almost instantaneously, with a very low transaction fee as well, often being considered as negligible. At the end of last year, the ripple coin and company took a massive hit when there was a lawsuit laid against them by the SEC. This lawsuit was based on the fact that the ripple coin is being considered to be a security.
However, in a recent development, it seems that the SEC has ruled that Ethereum is not considered to be a security, leaving the door open for the ripple company to ask questions as to why this is the case, and why does this differ from the ripple company. Having said that, ripple has opened a motion to depose the SEC, which was granted by the court. This could show that the lawsuit which has been dragging on for months, could be reaching its conclusion, and if settled in the favour of ripple, it is likely that the price of this coin will see a massive rise. Share your thoughts on this news article.
The Ripple and SEC war has been on for more than two six months now and the issue has affected the reputation of both ripple and SEC. when the issue started first , ripple saw their native coin dip down to 20 cents due to panic sell from investors who thought that SEC will win the case ,as they have recorded success in all their lawsuit.
The case seems to be a difficult one for SEC because they seem to be in tight corner now as they have failed to give reasons why ethereum is not a security but xrp is. Ripple have demanded them to bring the documents that made ethereum and other top coins to stand as non security .
As it stands now , the case looks bright for Ripple and they have regained their lost price value despite losing their position in market Capitalization to other coins .