The lawsuit between Ripple and the SEC is likely to take a long time and this could threaten the viability of XRP.
Confirmation that justice will move very slowly is the fact that the court has given the SEC until 31 August to disclose its documents on Bitcoin, Ethereum and XRP. This deadline had initially been set for 18 June.
According to Ripple, these documents prove that the US Securities and Exchange Commission has always been biased against Bitcoin. Experts will have until 15 October to evaluate this material. This means that the lawsuit between the SEC and Ripple will go on for a long time.
The ruling will probably not come before 2022.
The price of XRP
In the meantime, the price of Ripple, like the whole sector, is going through a period of ups and downs.
Currently, XRP is gaining almost 10% and is back at 63 cents. In recent days, however, the pressure that the markets have been under has caused XRP to fall sharply from 84 cents to 52 cents yesterday, when a recovery began which reinvigorated XRP.
The cryptocurrency, however, is not only suffering from market fears but also from the uncertainty surrounding the lawsuit with the SEC.
How the lawsuit between Ripple and the SEC is progressing
The US Securities and Exchange Commission (SEC) is accusing Ripple of issuing XRP without a license and considering it to be a security. On the contrary, Ripple claims that there is no difference between the nature of XRP and the other two cryptocurrencies par excellence, Bitcoin and Ethereum. According to the SEC, Bitcoin and Ethereum are decentralized, while the same cannot be said for XRP.
The lawsuit promises to be full of twists and turns. The latest is the testimony of a mysterious SEC official, who the SEC allegedly opposes, suggesting that this testimony was requested by Ripple.
#XRPCommunity #SEC_News v. #Ripple #XRP @stedas SEC announces intention to file, on Thursday, June 24, 2021, a letter motion to quash a deposition subpoena served by Ripple on a former SEC official. Briefing schedule below. pic.twitter.com/F03MVJw1qU
— James K. Filan (@FilanLaw) June 22, 2021
But who might the man expected in court be? For some, it might even be Jay Clayton, former chairman of the SEC before the current Gary Gensler.
Other speculations claim it is William Hinman, director of the corporate finance division.
Both are hostile to cryptocurrencies, or rather Jay Clayton is the one who initiated the lawsuit against Ripple, one of the last acts of his mandate, while William Hinman in 2018 argued that Ethereum was not a security.
As we wait for justice to take its course, it’s pretty clear we’re in for some excitement.