Ripple has been winning a few pre-trial rulings in the lawsuit charged by SEC but is it actually winning the war?
Back in December, the Securities & Exchange Commission of the United States of America had filed a lawsuit against the company and their 2 leading executives. They had alleged that XRP was security with which the company has successfully managed to raise a staggering $1.38 billion by means of unregistered offering of securities in 2013.
Following that several exchanges have delisted XRP, many asset managers had sold it off. Soon XRP was pulled down from the 3 leading currencies according to market cap. Nonetheless, XRP gained an astounding momentum and began rising at an exponentially fast pace.
Ripple Has A Long Way Ahead
XRP surged 532% in the past 12 months and the lawsuit has taken a favorable turn for Ripple Labs. The defendants have dominated the last 2 discovery rulings. They have also won access to the internal minutes and memos of SEC in association with crypto discussions.
However, the lawsuit is ongoing and being closely observed by many including Daniel Payne, fintech partner, and Murphy and McGonigle blockchain practice. He recently stated that doubts over digital assets.
Although they have won a few battles, they have a long way to win the war. Despite the favorable rulings of the District Court of the US, SEC has chosen the right cryptocurrency target.
As soon as SEC charges Ripple with high-profile enforcement activities, they will keep pursuing their accusations against the firm. Previously Ripple Labs was considered to be the first to be listed in the US stock exchange instead of Coinbase. Nonetheless, Ripple plays a big role in the cryptoverse.
