The SEC lawsuit against Ripple was a major event that caused XRP prices to crash back in December 2020. However, this year in 2023 is looking brighter for cryptocurrencies, and for Ripple specifically. There are rumors that the lawsuit is about to be resolved positively for Ripple. What are the latest updates on Ripple and SEC?
What is the Ripple SEC lawsuit about?
Back in December 2020, the SEC slammed Ripple with a lawsuit for allegedly selling securities without a proper license. Of course, this statement is greatly debatable. First, cryptocurrencies were never considered a security, and by nature are not regulated. Second, there are no clear rules or specifics around cryptocurrencies yet. Ruling out that Ripple was dealing in a security that is not registered is plainly absurd.
The price of XRP immediately took a toll for the worst and dropped to USD 0.18 following the news. On the other hand, Block.one, the company behind EOS had the EXACT SAME allegations with the SEC, and they managed to settle within 1 year. Currently, there are many speculations that Ripple company is going to do the same.
Ripple’s opposition got SLAMMED
James K. Filan is a defense lawyer, who is following the SEC lawsuit if Ripple closely. He has supplied the most recent update in the continuing Ripple SEC complaint, stating that the “Investment Banker Declarant” has responded to Ripple’s opposition to an earlier move to keep his identity, title, and employer private.
When will the SEC lawsuit get resolved?
Most analysts predict that the lawsuit should see the light around the beginning of Q2 of 2023. Things were supposed to get resolved earlier in Q4 2022, but got postponed and dragged. The CEO of Ripple is however quite optimistic and is very positive about the resolution of the lawsuit.
Today is the first day of the 118th Congress. While prior efforts at regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2023 is the year we will (finally!) see a breakthrough. A thread on why…
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