Recent developments on the ongoing altercation between Ripple and the Securities and Exchange Commission (SEC) have significantly boosted investors’ confidence in XRP-tied investment products.
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According to a weekly report by CoinShares on November 7, XRP investment products have experienced a huge inflow totaling $1.1 million for the past three consecutive weeks. The boost triggered confidence making the SEC case over Ripple fragile.
In a recent tweet post by Stuart Alderoty, General Counsel for Ripple, said a dozen independent voices comprising companies, developers, exchanges, public interest, and trade associations have pledged their support to explain how dangerously wrong the SEC is.
However, the court recently ruled in favor of SEC against LBRY in a case that was filed under a similar heading as its case against Ripple Labs. The court recognized LBRY’s LBC token as unregistered securities.
Crypto Groups Pledge Support For Ripple
Last month, Blockchain Association, the United States-based crypto lobbying organization gave its support for Ripple Labs in connection with its ongoing lawsuit with the SEC. The organization also filed a motion requesting authorization of leave from a federal court in order to join the Ripple-SEC case.
Meanwhile, the US SEC together with the blockchain payments firm has asked for a summary judgment over the lawsuit regarding the violation of securities laws. Although the lawsuit has been lingering for almost two years now, both entities have filed several motions which don’t directly tackle the issue of XRP’s violation of the securities laws.
As the lawsuit continues to drag on, the CEO of Ripple, Brad Garlinghouse in July threatened to leave the country if the court rules in favor of the regulatory body. Should the company win the case, it will be recorded “as a big win” for the company as well as the crypto industry.
Brad has however projected that the case, which is the longest crypto court case ever for the SEC could be resolved by the first half of 2023. A win for Ripple against the SEC will see it regulated by the much more crypto-friendly Commodity Futures Trading Commission (CFTC).
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