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XRP Lawsuit News: XRP, Ripple’s native crypto’s price has been stagnant due to the uncertainty caused by the long running case pulled by the US SEC. However, XRP holders’ have tried to hold the fort in a hope that the outcome of the XRP lawsuit will land in the favor of Ripple. However, an attorney linked to the case has stated that XRP holders are the biggest loser here.
SEC contradicting its stance in XRP lawsuit?
US SEC, Amicus Curiae, Ripple, and Defendants have submitted their briefs and opposition to brief in order to attain a summary judgment in the XRP lawsuit. However, the commission again brought up Hinman’s speech docs and related emails in the latest submission despite facing backlash from the court.
John Deaton, Amicus Curiae in the Ripple Lawsuit stated that XRP holders have been the biggest losers in the XRP lawsuit. It had happened despite the regulator’s mandate to protect customers. In his writ of mandamus, he mentioned that the SEC’s take on XRP constitutes a security that is unprecedented in over 70 years of Securities law.
He added that this stance contradicts previous guidance by authorities like the Howey test. XRP lawyer claimed that anything can be packaged as a security by an investment contract. Meanwhile, this cannot make the underlying asset alone a security.
Ripple case to end in a settlement?
Coingape reported that the XRP lawyer launched a Twitter Poll asking users whether they believe that the summary judgment would suggest a settlement or goes to verdict. However, almost 60% of the voters believe that there will be a settlement in the case.
XRP prices have registered a drop of almost 60% on the year to date (YTD) basis. While the biggest digital assets like Bitcoin (BTC) and Ethereum (ETH) have shed 66% and 69% respectively. However, Ripple’s native crypto has turned out to be the top choice among the crypto whales over the past few weeks.
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