Home Business Update April 18: Ripple vs. SEC lawsuit

Update April 18: Ripple vs. SEC lawsuit

Blockchain Association Joins Ripple Against SEC

The legal battle between Ripple and the SEC continues, in this post you can read the most recent updates in the case.

Legal battle continues

As the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues, it has come to public attention that the regulator has lost as many as five of six of its latest Supreme Court cases. This indicates some optimism for the cryptocurrency community.

The SEC’s most recent defeat is the Michelle Cochran case. In this case, the regulator charged a certified public accountant from Texas with failing to comply with federal auditing standards. This was revealed in a tweet on April 14 by Ripple Labs attorney Stuart Alderoty. In addition to this case, the SEC lost 4 other lawsuits. That is remarkably positive news for Ripple investors.

‘Clairvoyant’ investor

On April 16, attorney John E. Deaton, who represents more than 76,000 XRP investors in the ongoing lawsuit, shared a video from 2018. In this video, US investor Tim Draper told Gary Gensler that banks were freaking out over the rise of the crypto market . He added that lawsuits, media attention and influence over financial regulators would be exerted to curb the growth of the crypto market.

Crypto fans say this is the underlying reason why the Gary Gensler and the SEC are so frenetic about the regulation of cryptocurrencies.

Ripple Lawyer: New SEC Arguments Are Irrelevant

The most recent update is that the SEC’s legal team filed a letter referencing an earlier decision by a Massachusetts court that rejected the defendants’ argument and sided with the regulator.

However, Ripple’s attorney, Michael K. Kellogg, argued that this case was “an unpublished court opinion” and thus irrelevant. Ripple has compelling evidence to show that market participants, trying to understand what the SEC would allow or prohibit, concluded that the defendants’ selling of XRP was not “investment contracts.”

Analysts predict that the Ripple-SEC lawsuit will come to an end soon, but it remains uncertain which way the decision will go. The outcome of this case will undoubtedly affect the future of cryptocurrency regulation and the wider crypto community. So it will be an exciting time for XRP investors and crypto fans.

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