Ripple and SEC have a professional feud that is dated almost a year, and the lawsuit that the two are fighting is also not recent. The main difference between the two that led to a fully-fledged lawsuit was the difference in opinion; SEC believed the XRP is not a cryptocurrency and only security, and that is why it needs to register itself with SEC while XRP begged to differ on the subject. Thus the lawsuit was running down into the high court all these months but with no solid progress until now. XRP believes to have found the perfect ammunition it requires to blow this whole case over against SEC.
To caress your sense of curiosity and to disclose the whole matter with you, XRP has recently filed a motion urging the court to ask SEC representatives whether Ether is a security or a cryptocurrency. Regardless of what answer is given by the SEC, it has surely weakened its case and might result in its loss as the case progresses.
Ripple Plays Very Well
This is a solid strategy the Ripple is playing out, and it seems that they have found that one thread that will make SEC dance when stroked. Not only this, but the motion has urged SEC to present solid evidence relating to whatever their response is, so it doesn’t matter how it blows over; Ripple has certainly played a very calculated move here. The only answer SEC could come up with in response to this request was the irrelevancy of the question to this particular case which doesn’t shine any brighter for SEC. Ripple’s defence team has done a marvellous job building a strong trench for the cryptocurrency and making blows after blows onto SEC in a legal fashion. The primary defence of XRP is based on the SEC’s incompatibility to issue a fair notice to Ripple stating that XRP is in breach of the applicable securities law and, for that reason, must come clean. This is a grave mistake on SEC’s end, and it might just be the whole argument that Ripple needs to win this over.
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