A positive or negative conclusion The next day, the SEC officially announced their lawsuit against not just Ripple, but also Ripple CEO Brad Garlinghouse, and Ripple co-founder Chris Larsen. The latest development sees a pre-trial conference set for February 2021, in which all parties have the opportunity to discuss the path forward. Capital Com SV Investments Limited, company Registration Number: 354252, registered address: 28 Octovriou 237, Lophitis Business Center II, 6th floor, 3035, Limassol, Cyprus. What the SEC wants is three things: for Ripple, Brad, and Chris to forfeit the 1.38 billion dollars they raised from selling XRP, for all three parties to stop selling XRP, and for all three to pay additional fines as deemed adequate by the court. Here it is @JohnEDeaton1 The Hinman speech came from this. The events are listed in reverse chronological order, from the most recent to the oldest one. (XRP, which was delisted from a number of crypto exchanges after the agency filed suit in 2020, rallied 9% on the recent news.). Ripple also used XRP to pay cryptocurrency exchanges to list it for trading. From the very beginning of the XRP vs SEC case, the Ripple defense team maintained the position that XRP is not a security, arguing that it should fall under the same jurisdiction as BTC and ETH. The Dreaded Tweet From Coinbase. Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Individual corruption has nothing to do with Howie [sic].. In 2012 and 2013 before any XRP had been sold, Ripple, Brad, and Chris had all been warned by their own legal experts that XRP could be classified as a security. And never one involving cryptocurrency security tokens. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. Ripple CEO Brad Garlinghouse told CNBC that he expects the lawsuit with the top US financial regulator to end in 2022. You have to know all of your shareholders. We don't know, because we are still waiting for the Ripple court case to finish. However, on 22 December 2022, the SEC applied to keep the Hinman documents out of the public domain. Here the SEC presents numerous arguments as to why XRP is a security, citing the words and actions of Ripple, Brad, and Chris as evidence. With time, crypto enthusiasts have become numb to the battle. If the company is able to win the SEC lawsuit and trading resumes on major cryptocurrency exchanges like Coinbase, XRP is poised for significant adoption. The SEC has filed a lawsuit against blockchain-powered fintech firm Ripple Garlinghouse and Ripple Labs chair, Chris Larsen, claimed the sales were legal. Ripple CEO Brad Garlinghouse offered scathing criticism of the SEC in a Twitter post made on October 15. If Ripple wins the SEC lawsuit, XRP could rise. At stake in the Ripple case is a standard that could be applied to other token projects. If the lawsuit has a positive outcome, it could have a positive impact on XRP. However, there was no major XRP price jump after this news broke. The SEC is having none of it. Many consider this security designation to be a stretch and would significantly broaden the definitions found in the Howey Test. On Sept. 29, a U.S. District Court judge ruled to release emails and other correspondence written by former SEC Corporation Finance Division Director William Hinman related to a speech where he said ether (ETH) was not a security because, like bitcoin, it was sufficiently decentralized.. Crypto is Now a Security: What Does This Mean? - Medium Play Now! Friends of the court have until November 18 to file their briefs. A quick recap is in order. The extent of this potential price increase remains uncertain. As reported by U.Today, the The Ripple (XRP) Lawsuit: What You Need to Know Garlinghouse added that the US needs more regulatory clarity when it comes to digital assets and the blockchain sector in general. Overall, the successful resolution of the lawsuit is one of the primary long-term catalysts for XRP and the reason why it could reach new heights in the future. The value of shares and ETFs bought through a share dealing account can fall as well as rise, which could mean getting back less than you originally put in. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. The lawsuit is against Ripple Labs, Inc., creator of the XRP tokenwhich was at the time one of the top cryptocurrencies by market capitalization at $27 billion. What financial advisors need to know about crypto. dan saada January 24, 2022 On December 22, 2020, the SEC filed a lawsuit against Ripple Labs and two of its executives. He tweeted: To be clear, the SEC hasnt labeled XRP a security, nor does it have the power to do so., To be clear, the SEC hasnt labeled XRP a security, nor does it have the power to do so. As Charles Hoskinson also noted, other regulatory bodies could step in and seek to press charges for their actions. He tweeted: "The SEC has lost 4 of its last 5 cases in the Supreme Court, thanks to the few that had the courage and resources to fight back against the SECs bullying and clinging to stretch legal positions that were not faithful to the law.". In its motion, the SEC argued: The private charter jet company TapJets and the payment provider I-Remit were the first to submitamicus briefs in support of Ripple. The argument dates back to Hinman's 2018 speech and the SEC's proceedings against Ripple since December 2020. JP Morgan: "If Ripple wins SEC lawsuit, XRP is poised for XRP Price Prediction What Will Happen to Price if Win up to $1,000,000 in One Spin at CryptoSlots, BitBoy Believes XRP Is Best Altcoin Bet For Future Bull Run.