The SEC’s recent decision to classify cryptocurrencies as securities has been met with a lot of backlash from the crypto community. Many people believe that the SEC should have followed other countries in classifying cryptocurrencies as utilities, which would not require regulation.
The xrp sec lawsuit update is a blog post that discusses the SEC’s recent decision to subpoena Ripple.
Roslyn Layton is the author of this piece. The date is May 18, 2021. (Forbes).
Because of an ill-conceived lawsuit brought by the Securities and Exchange Commission, the regulatory future of cryptocurrencies seems destined to be determined by the courts. If Ripple’s arguments are successful in the Southern District of New York and on appeal, the Supreme Court may be given the opportunity to revisit the 1946 Howey decision, which established a threshold for what constituted a security.
Battle in the Courtroom
I’ve been following the SEC’s lawsuit against Ripple Labs since it was filed in December 2020 because it smacked of typical enforcement overreach. While the SEC has faltered and revealed its previous executives’ serious conflicts of interest, Ripple and cryptocurrency investors have fought back with strong arguments. It seems to be more than a simple lawsuit. The historical context heightens the importance of determining whether XRP is a currency or a security, an issue made more complex by financial innovation, but it also shows the SEC’s misuse of power.
The entire market capitalization of all cryptocurrencies, including the XRP digital currency at the center of the Ripple lawsuit, has surpassed $2 trillion. The entire value of these digital assets has now surpassed the total value of US dollars in circulation. Global firms like as Goldman Sachs and PayPal are vying to be the first to use the technology in consumer goods. More concerning, China has already implemented a large-scale rollout of a central bank digital currency (CBDC) dubbed the Digital Yuan for domestic business and consumer usage. Mastercard has begun discussions to serve as a financial bridge for China in order to extend the Digital Yuan’s worldwide network, export its apps, and compete in the burgeoning digital economy against both cryptocurrencies and the US currency.
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The xrp lawsuit dropped is the result of a case that was filed by Ripple Labs against the SEC. The SEC has decided to drop the case because it would be too difficult to prove.
Frequently Asked Questions
What will happen to my XRP on Crypto?
At this time, we do not have any plans to integrate XRP into the game.
Did ripple win the lawsuit?
No, Ripple did not win the lawsuit.
How do you get ripple Cryptocurrency in 2021?
This is not possible. Ripple does not currently have a circulating supply of coins, and the only way to obtain Ripple is through buying XRP on an exchange or by mining it.
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