Ripple seems to be gaining mileage in its battle to win against the SEC in a long lawsuit to determine the future of XRP.
On December 22, 2020, the US SEC filed a case against Ripple in which it accused the company of misrepresenting its crypto token, named XRP. According to SEC, XRP should be classified as a security as opposed to Ripple’s intent of marketing the token as a cryptocurrency. XRP is the native crypto used on Ripple’s XRPL network.
While Ripple has been co-operating with the authorities and furnishing the courts with all relevant documents and presentations demanded of it, the US SEC hasn’t been very forthcoming when it is its turn to provide details and disclosures pertinent to the case. This seems to be frustrating Ripple execs, starting with CEO Brad Garlinghouse.
“What Are They Hiding?”
In a recent video, Brad seems to be highly irritated by SEC’s intent to block crucial disclosures while they demand disclosures from the companies they regulate.
He said,
“They demand disclosure from the companies they regulate and won’t disclose anything.”
Apparently, Ripple wants the SEC to share William Hinman’s 2018 Speech with the court. The notes are said to provide crucial evidence that could help Ripple win the case. It turns out that the US SEC is trying to stop that from happening. It’s not providing Hinman’s documents that are said to quote a top SEC official saying that ETH is not a security. This revelation could work in Ripple’s favor since XRP and ETH are both cryptos operating almost at the same level.
He went on,
“14 months, and they’re still fighting to hide those notes.” At this point, Brad has a simple question: “What are they hiding?”
How Is The Case?
According to CEO Brad, Ripple is destined to win the case against SEC because facts and the law are on its side. In his view, the SEC overstepped its mandate by focusing on a little gray area and going all in to argue that XRP is a security. However, the case is now falling apart, and SEC is trying all tricks to stop Ripple from winning – including withholding important evidence.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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