The long-standing lawsuit between the US Securities and Exchange Commision (SEC) and Ripple continues to take several twists and turns. The SEC has filed a motion to dismiss Ripple’s defense for ‘’lack of due process and fair notice arguing that XRP tokens can still be considered a security.
SEC not backing down in the legal fight with Ripple
The SEC appears to be on the offensive as they look to get a landmark judgement that could change how cryptocurrencies are viewed in the United States. This is despite recent positive gains from Ripple.
Ripple had been granted an injunction by the courts barring the SEC from accessing the financial details of CEO Brad Garlinghouse and Chris Larsen. This gain reflected positively for XRP with the token surging more than 80% following the ruling.
However the victory was shortlived with reports suggesting that the SEC had signed a number of MOU with foreign regulators and companies to deliver sensitive documents about Ripple. Ripple quickly filed a motion stating that the regulator was employing bullying tactics and requested that it shared details of companies with its legal team.
The SEC has fought back claiming that the latest suit from Ripple holds no legal basis. “Ripple’s contention that the SEC must warn a market participant about its legal violation, or that the SEC must issue regulations or guidance before the SEC can exercise the authority Congress conferred on the SEC to enforce the securities statutes, finds no support in the Due Process Clause or any other principle of law”, it stated.
If recent comments from Ripple CEO Brad Garlinghouse is to be taken, the lawsuit is expected to be a long and protracted case. “What I don’t want is for you to worry. We will get through this, and we will prove our case in court. We have a phenomenal legal team and as I said, we are on the right side of the law, to begin with. Know, however, that the legal system is slow, and this is just the beginning of a long, civil process.”
Ripple (XRP) Price
The price of XRP dipped in the past week following the crypto bear market that affected the most cryptocurrencies. This dip cleared most of the gains made by XRP in the past month with the coin dropping below the $1. However in the past 24 hours XRP has shown signs of recovery with the price up by 13% during this period.
XRP is currently valued at $1.19 according to data from CoinMarketCap. There are growing expectations that the coin could make a bullish run in the coming days.