The year 2022 has come to an end, and Ripple company seems to be closing its lawsuit chapter. After 2 long years, Ripple might finally be able to settle with the SEC. What happened with Ripple and when will Ripple settle the SEC lawsuit?
What is Ripple?
Ripple is a digital currency and payment network. It is based on a shared public database that uses a consensus process between nodes to validate transactions and confirm their accuracy. Ripple is designed to be used by banks and other financial institutions as a way to quickly and securely transfer money between individuals and organizations. Unlike many other cryptocurrencies, which are decentralized and not controlled by any single entity, Ripple is governed by a private, for-profit company called Ripple Labs.
When did the Ripple Lawsuit start?
In December 2020, the SEC complained about Ripple for allegedly selling securities without the required authorization. This statement is certainly quite dubious. To begin with, cryptocurrencies were never thought of as securities and are by their very nature unregulated. Second, there are no clear rules or laws for cryptocurrencies at this time. The idea that Ripple was dealing in unregistered securities is absurd.
Ripple SEC Updates: Will Ripple Settle?
Ripple and the SEC submitted their redacted answers on December 2nd in support of their applications for summary judgment as the conflict approached its last phase. Ripple’s general counsel, Stuart Alderoty, affirmed the firm’s “final filing,” pleading with the court to rule in its favor.
Ripple is happy with the defense it has undertaken on behalf of the whole digital asset market, he added, and he praised it.
Ripple Labs objected to the regulator’s petition for summary judgment at the end of October, saying that it couldn’t establish that holders of XRP coins anticipated gains from the company’s marketing initiatives.
I said it on day 1, we will aggressively fight to get clear rules for the entire industry in the U.S.
Congrats to all of Team Ripple for getting us to this point. Ripple stood strong and withstood the SEC’s onslaught. I look forward to being on the right side of justice. https://t.co/oKhKjIdTSW
Will XRP Price go up?
If the resolution is truly in sight, we can expect that it’ll have a direct effect on XRP prices. However, traders need to proceed with care as the market might be very volatile. XRP can go all the way up to the area between 50 and 60 cents. On the other hand, pump and dumps might occur, which might cause XRP to crash hard after such news.
Charles Hoskinson, CEO of Cardano, mentioned that he has heard “rumors” that a two-year legal fight between Ripple and the U.S. Securities and Exchange Commission might end on December 15. According to Hoskinson, the conclusion of the carefully followed judicial proceeding might have “catastrophic” repercussions for the sector.
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