The US Securities and Exchange Commission (SEC) lawsuit against Ripple executives has generated a lot of buzz in social media, particularly in Twitter’s cryptosphere, despite not being as well-known as the lawsuit of Johnny Depp and Amber Heard. After all, the project’s ultimate goal is to secure the future of cryptocurrencies. Everyone is aware that the SEC will pursue most other cryptocurrency initiatives if Ripple loses. If Ripple loses, we are aware of what will happen to its token, XRP. XRP will vanish. But supposing Ripple triumphs?
A lawsuit determining the future of cryptocurrencies is Ripple v. SEC.
If we are now beginning to discuss Ripple’s win, it is because Ripple, which has recently chained numerous victories in battle, appears to be gaining ground. And when the SEC war’s result starts to become clear, it is wise to think about what would actually happen if the end we want—the SEC’s capitulation—occurs.
The legal counsel for Ripple and its community, James K. Filan, recently tweeted that the court has denied the SEC’s request to have some documents sealed. In reality, the SEC would have attempted to seal more documents than necessary, and the court would have requested that it send a list of the documents that it wants to keep under seal along with a justification for its request.
Overall, the CEO of Ripple Labs, Brad Garlinghouse, and his legal team are working incredibly hard to mount a vigorous defense against the SEC’s attacks in order to show the judges that Ripple has always been on the right side of the law and that what we are seeing is nothing more than the SEC’s unrelenting attacks on the cryptocurrency ecosystem.
What was the likely result of the century’s biggest trial?
Judge Sarah Netburn, who is in charge of the case, received multiple notes from Ripple’s legal team to show that she never stopped working with the SEC.
All of the participants in the cryptocurrency ecosystem have been holding their breath since the experiment began 18 months ago. We still need to know how to maintain reason and observe until the very end, even though Ripple Labs has temporarily achieved minor triumphs over its adversary, the stock market policeman. The native coin of Ripple Labs, XRP, will be recognized as securities and securities if the judge sides with the SEC. Such a result would unavoidably set off a series of events that would turn the regulator against the other projects in addition to the potential sanction.
The entire industry, which has recently experienced a lot of bad news, will benefit from Ripple’s success. The obligation for the SEC to moderate its zealous opposition to cryptoassets would be announced by this revelation, making it all the more significant.
