While the market price of Ripple (XRP) coins is falling slightly, investors’ interest in the outlook for the SEC lawsuit results is still hot.
This is attributed to Riplex’s optimistic outlook in a lawsuit with the U.S. Securities and Exchange Commission (SEC).
As of 11:40 a.m. on the 24th, Ripple is trading at 720 won, 0.55% behind the previous trading day.
Earlier, the SEC filed a lawsuit against Ripple, judging that it violated the securities law because it met the standards of securities but was not registered as securities.
Ripple (XRP) publisher Ripple Labs denied this and refuted the opponent’s claim that there was no specific proof.
The SEC, which claims that most virtual assets are securities, maintains that “Etherium, which has been changed to proof of equity, can also be subject to regulations under the Securities Act.”
Accordingly, if the court raises the hand of XRP, the SEC’s position could collapse.
“The SEC has not proven that XRP is an investment contract (securities),” Ripple’s lawyers said. “Not one of the four sub-test requirements, which are Supreme Court precedents, is met.”
He pointed out, “Everything else except this essence is just noise.”
Ripple said earlier, “No information related to Ripple employees that is not related to the lawsuit should be adopted as evidence, and their data should not be disclosed.” The disclosure of the data could negatively affect their relationship with Ripple,” he said, filing an application for non-disclosure of the data by non-parties.
In response, the SEC submitted a reply to the court and said, “We do not oppose the disclosure of the data of the Reflabs employee, not the litigant.”
In December 2020, the SEC sued Ripple founders Brad Gallinghouse and Chris Larson for violating securities laws.
It raised $1.38 billion worth of cash by issuing 14.6 billion ripples to investors without SEC registration.
Meanwhile, Brad Gallinghouse, CEO of Ripple, a blockchain overseas remittance project, said that the long legal battle with the SEC is almost over.
