Ripple supporters are putting the best of their efforts to overcome legal hurdles faced by the XRP crypto coin. In the pursuit of their efforts, they approached the White House to request it to declare this crypto asset a virtual currency.
Demands of Ripple Community
All this legal movement is headed by an anonymous supporter and to intensify their movement, they filed a legal petition saying that some crypto aficionado and analysts strongly believe that the Security and Exchange Commission that accused Ripple of the selling of illegitimate digital coins is false, frivolous, and baseless. Besides, they are the proponent of an idea that the SEC lawsuit isn’t corroborated by strong legal evidence.
In the petition, the Ripple supporters’ community established a fact that XRP is a proclaimed digital currency by the well-known financial regulatory body of the U.S Financial Crime Enforcement Network. They strongly argue that SEC is crossing its constitutional domain and its lawsuit poses a serious threat to the US crypto and capital market. Due to this lawsuit, billions of dollars of investment wiped out from the US capital market. On the other hand, the masses believe in cryptocurrency and its potential implication is likely to damage severely.
Keeping in mind that the main job of SEC is to protect investors who were involved in US securities trading. Apart from doing their due job, they filed a lawsuit against a cryptocurrency XRP blaming that Ripple XRP is a security and they have to comply with Federal Securities Law. However, XRP was already deemed a virtual currency by FinCEN.
Due to the recklessness of the SEC, the $40 billion currency market has plummeted dramatically. Billions of dollars of value have been wiped out from the market. Eventually, thousands of Americans who were supposed to be protected by the SEC face substantial financial damage.
The SEC lawsuit is a deterrent to the XRP token holders and they are unlikely to retain their holdings. Even though the US government had officially promulgated long ago that XRP is a virtual currency, but this promulgation is utterly avoided by SEC amidst suing Ripple.
SEC Puts Ripple in the Serious Trouble
This petition comes at a crucial time because Ripple is necessitated to attend the first court hearing on 22nd February 2021. U.S District Judge Analisa Torres asked both the parties SEC and Ripple to appear before the court via video call and present arguments that include how best this matter can be settled without harming any one of them.
Is it the Time to Buy Ripple?
Undeniably, this lawsuit has severely damaged XRP’s reputation and has shaken their investor’s trust. More like the real irony arises. Will Ripple victory bebeneficial for the whole crypto community?
Sadly speaking, If Ripple somehow manages to defend themselves in the lawsuit, We don’t know if the SEC will be more defensive to give the status of Security Token to any other digital currency in the foreseeable future.
Doesn’t it sound somewhat annoying to you specifically if you are a crypto enthusiast?
Apart from that, those investors who capitalize on this movement and buy XRP tokens at the lowest-ever price can compound their wealth if the price of Ripple XRP bounces back after the lawsuit.
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