The long-running Ripple vs SEC or the US Securities and Exchange Commission case finally seems to be coming to an end after the SEC filed for a summary judgment. The way the developments are shaping up points heavily toward a possible win for Ripple.
The latest development points that the SEC has now filed a motion against Ripple’s expert opinion. This is because the SEC believes that experts are unreliable and often suggest improper legal conclusions. Parallelly, even Ripple defendants have filed against SEC expert evidence.
Tussle Between SEC & CFTC
Meanwhile, Bloomberg’s yesterday’s article titled : Fight to Regulate Crypto at Crossroads as Ripple Ruling Looms has caught many industry expert’s attention. One such is Stuart Alderoty, Ripple’s general council. Alderoty is of the opinion that no matter who wins the Ripple vs SEC lawsuit, the result will affect the crypto market.
Furthermore, the crypto industry has always faced a question on who will and should regulate the cryptocurrencies. There is a tough tussle between two top industry players, Gary Gensler and Ripple’s Brad Garlinghouse suggested CFTC.
Here, if SEC wins as per Bloomberg’s claim the agency will have jurisdiction over major cryptocurrencies. On the other hand, if Ripple wins it might decrease SEC’s chance to claim the jurisdiction over crypto. Also most of the crypto experts are against SEC’s regulatory approach, as they believe the agency enforces instead of explaining the rules.
While the further decision on Ripple vs SEC is set to be made in the next six months, XRP is trying its best to move against the odds. At the time of publication, XRP is selling at $0.38 after a surge of 0.43% over the last 24hrs