XRP token

Ripple More Trouble For SEC Than Elon Musk: Lawyer

January 18, 2022 6:52 am

Jake Chernevsky, the Head of Policy at the US Blockchain Association and advisor to Variant Fund gave a firm nod to Ripple, saying he believes the massive payment settlement system processor is giving the SEC more trouble than anyone else right now, including Elon Musk. He further gave the company praise for their handling of the current charges against them and for standing strong rather than settling.

Ripple is in the middle of a major battle with the SEC over the use of its token, $XRP and whether or not it constitutes a security. The latest news came in the form of more delays to the case due to the Omicron COVID variant, pushing progress back another month.

Followers of the case are divided as to who this helps, but most believe the delay is a win for Ripple. Primarily, the delay gives Ripple more time to review documents the judge recently allowed them access to.

According to Decrypt:

Ripple won a key procedural victory in its battle with the Securities and Exchange Commission on Thursday, as a federal judge ruled that the agency cannot claim that emails concerning a landmark June 2018 speech about Ethereum are privileged documents.

The speech in question was delivered by a former top SEC official, William Hinman, who told the audience at a Yahoo Finance crypto summit that Ethereum was not a security because it was sufficiently decentralized.

That speech has also become central to the court case in which the SEC argues that Ripple and its top executives knew the blockchain’s digital currency, XRP, was a security that needed to be registered with the agency but sold it to the public anyway.

As part of its legal strategy, Ripple has sought to obtain evidence about how Hinman decided Ethereum was not a security—evidence that could help the company rebuff the SEC’s claims about the nature of XRP.

 

Many others offer support for Ripple, regardless of the outcome, knowing the progress made in this case will help secure clarity for others in the future.

In addition, analysts see the current issues with the SEC as looking to end favorably for Ripple. The markets appear to support the confidence. Often when there is SEC scrutiny of a company, it brings about abnormal instability and losses, whereas $XRP has maintained a strong position relative to other currencies.

In addition, Ripple is continuing to see favorable predictions.

According to FXStreet:

Analysts have evaluated the Ripple price trend and predicted a rally in the altcoin’s price. @DaCryptoGeneral, a cryptocurrency analyst and trader, believes that Ripple price is currently consolidating inside a potential symmetrical triangle. The analyst expects a big move in Ripple price and set a target of $2.31 for the altcoin.

The trial has continued for over a year beginning with Head of the SEC, Jay Clayton charged Ripple with illegal securities offerings in December of 2020. The battle has since been one of trading blows on the way to court with Ripple winning some significant wins making their case look stronger as the case progresses.

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