Ripple (XRP) soaring and a severe setback for the SEC


Another judicial document could mean enormous relief for Ripple with regard to the allegations of the US Securities and Exchange Commission. Judge Sarah Netburn decided that this must submit documents about the classification of Bitcoin and Ether.

In the ongoing legal battle between Ripple and the SEC, the US Securities and Exchange Commission has to cope with another setback. Ripple CEO Brad Garlinghouse and co-founder Chris Larsen filed a joint foreclosure petition on March 15th. In it, the SEC was accused of withholding evidence. The company’s lawyers argue that, like Bitcoin and Ethereum, XRP should be considered a cryptocurrency rather than a security as claimed by the SEC.

Now the judge Sarah Netburn has granted Ripple’s application. This is written by several media citing the portal law360.com. Accordingly, the SEC’s documents relating to Bitcoin and Ethereum must be presented during today’s conference. That is now putting the US stock exchange regulator under a lot of pressure. The authority’s reasoning had always been that the documents were not relevant to the case. In their opinion, Ripple and Bitcoin or Ethereum are fundamentally different. Ripple CEO Garlinghouse understandably sees it very differently.

Ripple’s attorney has SEC experience himself

Law360 reports that Garlinghouse’s attorney, Matthew Solomon, promises a lot from the new unveiling. The SEC’s lawsuit would peter out if evidence emerges that regulators have equated XRP with BTC or Ether. Ripple’s attorney also states that the SEC’s regulatory remit does not go beyond securities. He should know himself, as he himself was in the service of the stock exchange regulator for three years, even as chief lawyer for legal disputes.

During the trial, Judge Netburn noted significant public interest in the hearing as more than 500 people had dialed a public phone number to watch the case. Meanwhile, investor confidence in Ripple and XRP is rising again significantly. While the token was trading at USD 0.5705 on April 1, it almost doubled in just five days. XRP is currently at just under one US dollar, or more precisely 0.975 USD.

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There are several positive signals for Ripple, not just the social media campaign that loyal XRP followers have launched. Due to the legal disputes, many crypto exchanges had removed XRP from the program. And this despite the fact that trading was and is still officially permitted. Now, however, there are solid signs that Coinbase will soon be relisting again.

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