Ripple-SEC lawsuit asked for messages on Slack to Ripple
Ripple-SEC lawsuit asked for messages on Slack to Ripple
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Ripple-SEC lawsuit asked for messages on Slack to Ripple

By Eleonora Spagnolo - 18 Aug 2021

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The lawsuit between the SEC and Ripple has another chapter: the SEC has asked the judges for more evidence of Ripple employees’ conversations on Slack. In fact, Ripple had already partially delivered copies of these messages.

From what we read in the document submitted to the judges, however, the content of the conversations read so far deals with topics that have never been dealt with by email. In these conversations would also be present the CEO Brad Garlinghouse.

Ripple, at the moment, has made it known that it has not been able to reproduce all the vast amount of messages that the SEC has requested since January.

The lawsuit between Ripple and the SEC

In December 2020, the SEC sued Ripple, claiming that the company had set up an unauthorized security sale. According to the SEC, XRP is to all intents and purposes a security, a bit like stocks, and for that, it needs authorizations.

Ripple’s argument instead is that XRP is like BTC and ETH. The main difference, however, is that behind Bitcoin and Ethereum, there is no company, while XRP is the token issued by Ripple, a company whose core business is the development of solutions for cross-border payments. Moreover, the largest holder of XRP tokens is Ripple itself, which gradually releases them on the market. That makes it centralized.

The price of XRP

In December 2020, when the SEC lawsuit was announced, the price of XRP collapsed dramatically to below 20 cents. XRP also gradually lost positions in the ranking of the largest capitalized cryptocurrencies. Then XRP, also taking advantage of the industry hype cumulated with the ATH of several cryptocurrencies, including bitcoin and Ethereum, rose to within a step of $2, putting the crisis due to the SEC lawsuit behind it. In short, investors seem to give XRP confidence despite the legal problems. However, it remained far from its ATH of $3.84 in January 2018.

In any case, today, the price of XRP is a bit in trouble. After days of ascent, with the price back to $1.3, in today’s day, XRP loses almost 9% and is back to $1.10.

 

Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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