The Securities and Exchange Commission (SEC) is already out of whack as the end of the suit filed in December 2020 is expected to end with Ripple as the winner.
At the time, the SEC had accused Ripple of selling XRP as an unregistered securities asset.
As a result, there was a commotion in the crypto market causing investors to be unsure of the direction of the case and eventually, there was a decline in the price of XRP.
But now, everything changes when Ripple CEO Brad Garlinghouse explains the real situation:
"There was a meeting between me and the former chairman of the SEC, Jay Clayton and had a discussion with his officials. No one claimed the XRP was a security. On the other hand when they reopen existing documents, all of a sudden they claim XRP as a securities asset. An allegation is baseless. "
In order to corroborate Garlinghouse’s allegations, one of the SEC’s top officials - Hester Pierce; also popularly known by the nickname ‘Crypto Mom’ is confident that her agency will not win against Ripple.
🚨SCOOP: Turns out even staff at the @SECGov aren’t confident they will win the case against @Ripple. A source close to the SEC tells me @HesterPeirce has expressed privately she thinks the SEC will not get the outcome it’s looking for.
- Eleanor Terrett (@EleanorTerrett) March 7, 2022
For the record, Pierce once slammed a statement from SEC chairman Gary Gensler in October 2021 by making a comparison between crypto and the Wild West:
“At that time, they liked challenges, acted rough, idealistic and free -thinking. But crypto is developed based on code and that code is the backbone to the implementation of governance. Crypto is also developed for human use and it is up to them to use the protocol or not. ”
The Wild West refers to the era before the United States (US) had a stable government.
Touching on the termination of the case, Garlinghouse did not hesitate to tell there would be a decision from the court this year.
After two years of trial, Ripple expects the case to be completed between Aug. 26 and Nov. 18.
Even so, it is possible that this case will end earlier than expected.
XRP today, recorded a slight increase, 0.24% in 24 hours and traded at $ 0.73 per unit.
This asset needs a jump of over 168% to redeem its all -time high value (ATH), $ 1.96 recorded on April 14, 2021.
For those who want to refer back to the history of this case, can click here.
It's been a long time since the follow-up of the SEC-Ripple case, hopefully there will be an end this year.
