The Ripple lawsuit has been the talk of the crypto community for far too long. The original issue was that SEC didn’t recognize XRP as a cryptocurrency and rather implicated that XRP has been doing business with the crypto market knowingly that it was a security and thus needed to be accredited with SEC before starting its operation.
This theory was later on denounced by XRP, and a lawsuit was constructed against the Securities and Exchange Commission, which is still alive and is waiting for a stroke of judgment from day one. Ripple, on the other hand, believes that it was overrun by the SEC and, in all fairness, was not given enough warning about registering themselves as security as SEC already cleared XRP as a cryptocurrency during the validation process.
The new sentiment that Ripple has drawn up in the recent few days is that it has taken the matter with the court and has urged the judge to get the SEC members to disclose their respective XRP holdings. It is nothing but a smart move on Ripple’s end, and it will eventually weigh in better with the XRP’s defense.
Ripple Labs Lawsuit Becomes Very Crucial for Crypto Space
So the broad perspective that XRP has is that when the SEC members are forced to reveal their holdings, it will make it clear to the court that XRP was indeed a cryptocurrency, sanctioned by SEC, and was being traded actively by its members all that time ago. The motion would also help XRP in revealing the day sanctioning process of FCC and certain policies which revolve around that regarding various cryptocurrencies such as Bitcoin, XRP, and Ethereum.
SEC has been given until the end of third September to reveal the XRP holdings of office members before the court. As it is a decision of the court, there is practically no turning around at all, looks like XRP has got a real chance here at winning. But despite all this, the case is moving extremely slowly, and a part of it has to do with the involvement of the SEC, which is a regulatory authority, and its involvement doesn’t shine best on the USA’s regulatory space. But despite all that, XRP has a strong chance of winning this time and getting its fair share of justice that it deserves.