The popular Ripple v/s SEC lawsuit in the highly volatile cryptocurrency market is gaining attention again! Crypto investors are highly eager to know the final verdict of Ripple v/s SEC lawsuit regarding the unregistered security claim of XRP. There are now two groups in this lawsuit— in favour of the Ripple lawsuit and in favour of the SEC lawsuit. Let us get more insights on this court case against XRP digital assets.
The famous Ripple v/s SEC lawsuit started in late 2020 with a complaint from SEC (Securities and Exchange Commission), that Ripple has conducted illegal security offering from one of the XRP digital assets. SEC lawsuit claims that XRP is known as a security in the cryptocurrency market and is not a cryptocurrency. This creates the main issue in the Ripple v/s SEC lawsuit. The Ripple lawsuit consists of reclaiming that XRP is a currency as a part of XRP digital assets. The main aim is to conduct cross-border payments with a small fee to crypto investors.
The Ripple lawsuit also consists of compliance with ISO 20022 for supporting international banking. XRP digital asset is the only digital currency compliant with the new standard language. Thus, those in favour of the Ripple lawsuit support this as a piece of strong evidence that it is a currency and not to be known as XRP digital assets.
The final verdict of Ripple v/s SEC is yet to come and is continuously lagging because the court has been denying important motions from both the Ripple lawsuit as well as the SEC lawsuit. The motion of SEC has been denied to reject the fair notice defence of Ripple as well as the motion of Ripple claimed that there is no fair notice to show the illegal coin distribution in the highly volatile cryptocurrency market.
That being said, there have been speculations about the final verdict of Ripple v/s SEC lawsuit to end in 2022, no specific date or month being mentioned. Supporters of the Ripple lawsuit are already hyped to win the case against the SEC lawsuit with the long delay in showing evidence from the SEC side.
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