Cypher
CryptocurrencyCryptocurrency RegulationNewsRipple (XRP)

SEC’s Legal Case With Ripple Won’t End This Year

The SEC and Ripple legal counsels have agreed that their next court hearing will be by December 2022 as the court battle with them continues. Hence, it is likely that any resolution of this case will likely happen by next year. Ripple and SEC jointly wrote the extension letter to the presiding judge (Sarah Netburn). Netburn, who has been in charge of the case since its inception, has approved the new date.

Why Did The SEC Take Ripple To Court?

Many people wonder why the SEC and Ripple are locked in a legal battle. The top financial watchdog sued Ripple in late 2020, accusing the blockchain of raising $1.3B cash from selling XRP tokens as Securities. According to the SEC, Ripple’s actions contravened the policy governing the sale of Securities 

Also, the SEC indicted Ripple founders Chris Larsen and Bradley Garlinghouse (who doubled as the firm’s CEO). With both parties’ back and forth accusations, the case has continued to drag since that time and till next year, as agreed by both the SEC and Ripple lawyers.

Both Parties Agree To A New Timeline

Part of the letter in the revised timeline showed that all file statements from expert witnesses must be available by early august and objections by early November. Also, all responses to objections must be available by December 20. The SEC initiated the extension request for more time to gather enough evidence to appeal the ‘motion for reconsideration of the DPP ruling.’

Cypher

This is the second time the SEC will be requesting such an extension during this case. One of Ripple’s legal counsels, Stuart Alderoty, thanked the crypto ecosystem for supporting them thus far in the case before adding that SEC under Gary Gensler hasn’t been supportive of the crypto industry. He further said that the SEC hasn’t proven how crypto tokens can be considered Securities. Hence, it is why the agency can’t shut down any crypto exchange.

📰 Also read:  Bitcoin Surges Past Silver, Claiming the Eighth Largest Asset Title

The SEC Only Cares About Its Selfish Interest – Ripple Founder

Rupple founder, Brad Garlinghouse, has opined that the SEC’s case with its firm shows that the SEC hasn’t been playing by the rules it claims to uphold. Garlinghouse added that the commission finds it difficult to disclose information about important issues, and they don’t mind whether the US fall as long as their claimed policies are protected.

He further said that the ongoing case proves the need for a proper crypto regulatory policy. “The SEC keeps playing politics with its policy, which doesn’t bode well for our country and citizens.” Garlinghouse’s comments were part of a response to the firm’s legal counsel, Stuart Alderoty, who claimed that the SEC is confusing the crypto market because it doesn’t have any oversight functions over the two trillion-dollar industry. While many industry experts have reiterated Alderoty’s stance, the SEC has maintained that its policies aren’t ambiguous.

📰 Also read:  BlackRock Now Holds More Bitcoin Than MicroStrategy

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Sniper Bots And Token Sniping Exploits: Here's What To Know

Cypher

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content