SEC May Have Underestimated Challenges in Legal Battle Against Ripple, Forbes Contributor Believes
Sam Lyman, a prominent speechwriter and Forbes contributor, believes that the U.S. Securities and Exchange Commission (SEC) may have underestimated the challenges it would face in its legal battle against Ripple.
SEC's XRP Crackdown Faces Challenges as Contradictions and Undisclosed Documents Emerge, According to Forbes Contributor
Forbes contributor Sam Lyman suggests that the SEC's ongoing campaign against XRP may face challenges due to past contradictions and undisclosed documents. The agency's efforts to classify digital assets as securities and subject them to securities law are being challenged by its own past statements and actions. The disputed documents, including the infamous Hinman speech, must be publicly available, according to a recent ruling by a federal judge. Pro-XRP lawyer John Deaton argues that the lawsuit goes beyond simply enforcing U.S. securities laws and was wielded as a weapon with questionable motives. The XRP Army, a dedicated community of XRP proponents, has come together to support Ripple, catching the SEC off guard.
Judge Torres' Shift in Perspective on Past & Current XRP Sales: Will the SEC Lawsuit End in Victory for Ripple?
The recent ruling by Judge Analisa Torres on the SEC's request to seal documents related to William Hinman's speech has sparked a new conversation on the ongoing Ripple vs SEC lawsuit. Ripple supporters, including Australian lawyer Bill Morgan, have expressed their views on how the ruling could affect the case.
Ripple (XRP) Ecosystem Thrives in 2023 Despite SEC Case – Key Q1 Takeaways
A report by Messari has highlighted the growth and milestones achieved by Ripple and the XRP ledger in Q1 2022. Despite the ongoing legal battle with the SEC, Ripple Labs' main products continue to grow. The number of daily active addresses on the XRP ledger increased by 13.9% compared to the previous quarter, and the number of daily transactions grew by 10.7%. The report also notes the launch of new features, such as the XLS-20 standard for NFTs, which could further drive adoption. Additionally, the Ripple community is developing sidechains and bridges to expand multichain functionality.
Attorney claims XRP does not satisfy all elements of Howey Analysis and questions SEC's charges against Ripple executives
The classification of XRP as a security is still pending a decision from the US District Court for the Southern District of New York. However, attorney John Deaton, who represents XRP holders in the Ripple lawsuit, has made a significant claim based on a footnote from Ripple's opposition and reply briefs submitted in court. The footnote suggests that XRP may not satisfy all elements of the Howey Analysis and may not be considered a security for federal securities law purposes. Additionally, stay up-to-date with the latest news and trends in the cryptocurrency world by joining our updated list of crypto Telegram channels for 2023.
XRP Attorney John Deaton Comments on SEC's Denial of Coinbase's Mandamus Petition
XRP attorney John Deaton has criticized the SEC's recent decision to deny Coinbase's request for clarity on how securities laws apply to the cryptocurrency market. Deaton believes that the SEC is prioritizing a political agenda over legal wins and that the Coinbase Writ was a necessary move. He also stated that the SEC is fighting on three separate fronts but chose to prioritize politics.
Legal Battle Between SEC and Ripple Labs Could Impact Future of Cryptocurrency Regulations
The ongoing lawsuit between the Securities and Exchange Commission and Ripple Labs has the potential to impact cryptocurrency regulations in the future. Ripple's creation of the XRP Ledger and cryptocurrency, XRP, aimed to expedite cross-border fund transfers at a lower cost. However, the SEC filed a lawsuit against Ripple in December 2020, alleging that the sale of XRP was an unregistered securities offering. Ripple has chosen to contest the charges in court, arguing that XRP does not meet the Howey test. The recent ruling in the case has denied certain motions to seal from Ripple, and while the outcome is uncertain, a split decision is the most likely result.
XRP Takes The Lead In Overall Crypto Market
Despite the bearish trend in the crypto market, XRP has managed to outperform other assets with a 55% surge on a quarter-on-quarter basis, according to a report by Messari. XRP's market cap grew by 59.9% in Q1, exceeding the cumulative crypto market cap that witnessed a 46% surge within the same period. XRP hit a 10-month high of $0.5850 on March 29, following a two-week price surge of 56%, and closed with a price of $0.54 on March 31, a 43% price surge for the month. The report also highlighted an increase in XRP's overall network activity metrics in Q1.
HODLing 10K XRP could lead to financial freedom in the long-term, says CEO Edward Farina
Edward Farina, CEO of Alpha Lions Academy and Head of Social Adoption at XRP Healthcare, believes that holding 10,000 XRP until the asset stages its next bull run can lead to financial freedom in the long-term. This statement was made in response to a poll by crypto YouTuber Jenna Kady, who asked the XRP community whether an investor needs to hold up to 150,000 XRP to become an XRP millionaire in the future. Farina's opinion is more ambitious, but he stressed that it is not investment advice. Recent gains in XRP have led to a potential 30,000% pump, which could yield $1.39 million for a $4,643 investment in 10,000 XRP.
Ripple's CTO Believes It's Beneficial to Avoid Building Products That Require XRP Use
David Schwartz, Ripple's CTO, recently stated that it is beneficial for Ripple to avoid building products that require the use of XRP. He believes that removing technical barriers and not mandating the use of XRP unless it is necessary for specific features related to the XRP Ledger allows a broader range of individuals to use the platform, even those who have reservations about XRP. This approach expands the potential user base while encouraging wider adoption for the product. Ripple gives institutions that are on RippleNet the liberty to choose to use XRP as a bridge currency for cross-border payments or use any other digital asset.
