By Shelly Melancon (Switzerland)
There are indications that Ripple’s case battle with America’s top financial regulator would soon be over, with many speculating that a resolution (or a fine) will be defined. However, Ripple’s chief executive has revealed there’s one circumstance that his company will settle with the financial regulator.
SEC Lacks Policy Transparency
During a FOX interview on why the financial regulator needs to be more transparent about their regulatory policies, the firm’s chief executive claimed that the legal issue might have a resolution soon. Both of them now concur that the firm’s governance token and Ether are similar in their offerings.
The Ripple exec. said, “we are interested in charting a progressive direction with the SEC. We will refuse to resolve until they clarify XRP’s definition moving forward. We clearly understand how powerful XRP can be for the crypto ecosystem and our community.” Ripple’s legal battle with the financial regulator is at a level where the company’s lawyers are hinging their conviction on the 3-year old statement from (an ex-SEC director).
Ripple claimed that its XRP ICO has similarities to that of Ether. Then, since the regulator didn’t allege that Ether did any wrongdoing, it cannot accuse it. However, the financial watchdog argued that the ex-SEC director made that statement from a personal viewpoint and not his position as the agency’s director. Hence, Ripple can’t use that statement as a basis for their defense.
Ripple Enthusiasts Convinced Of A Victory For Ripple
Ripple’s ecosystem is widely regarded as the strongest. It has unraveled various audio and text documents credited to some of the agency’s Excos that, aside from the ex-SEC director statement, lend credence that the financial regulator didn’t allege Ether of any wrongdoing. Some members of the XRP ecosystem even opined that the SEC’s ulterior gains were one reason they didn’t charge the second largest digital asset of any wrongdoing.
The company lawyers recently summoned a court appeal to analyze more documents extracted from telephone conferences and an email series that the SEC was gracious to provide. Ripple’s legal team discovered that the financial regulator instructed outsiders to study various virtual currencies. The discovery was huge since the regulator had previously denied that its ex-director uttered his words in his official position as an SEC director.
Hence, the blockchain’s ecosystem is convinced that the financial watchdog will lose the case based on Ripple’s available overwhelming evidence and the false truths it had peddled as the lawsuit progressed. The court will determine whether they are right.
Winners Of The First XRPL Grants Programs Revealed
25 out of 100 potential recipients were chosen by the RippleX development and will be given TUSD $2m. The recipients of the award originated from more than 11 nations globally. The program is a collaboration between XRPL and RippleX labs.
The recipients are tasked to solve varying issues plaguing the crypto industry, especially those related to NFTs, security enhanced tools and platforms. Ripple became the major owners of XRPL labs two years ago.
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