The Ripple versus SEC dispute is continuing to drag on, with both parties presenting important claims.
Many cryptocurrency proponents, however, feel Ripple has the upper hand in the case, particularly in light of the deposition of former SEC employee William Hinman and the numerous red flags raised by Ethereum being given a free pass because of its comparable corporate structure.
Coinbase CEO Brian Armstrong has come out to state that Ripple is faring better than expected in the SEC litigation, amidst increased support for the cryptocurrency and opposition to the SEC. It was he who stated,
“The Ripple case seems to be going better than expected. Meanwhile, the SEC is realizing that attacking crypto is politically unpopular (because it harms consumers).”
In December, when the Securities and Exchange Commission filed its case against Ripple, everyone predicted that the XRP token’s time had come to an end. This was mostly due to the fact that it was the first time that the SEC had included the project’s founders as defendants in a securities litigation.
However, as the case developed and the SEC began to pursue many crypto businesses on the basis of alleged security legislation violations, people understood that the SEC was pursuing a personal vendetta against Ripple and began to support the company.
Another casualty of the SEC vengeance is Coinbase, which was compelled to abandon plans for an unannounced USDC-pegged loan product after a six-month communication effort with the primary regulatory body.
Ripple continues to establish new alliances and develop its remittance business outside of the United States, as evidenced by the fact that more than 90 percent of the company’s operations are situated outside of the United States.
The native token XRP, on the other hand, suffered the most as a result of the lawsuit, with its price plummeting as a result of widespread delistings across US-based exchanges. As a result, when Armstrong expressed his support for Ripple, the XRP community urged that the cryptocurrency be delisted.
And as a member of the #XRPcommunity I wish you would stand by us and #relistXRP.— CryptoBull (@CryptoBull2020) October 26, 2021
