The US SEC lawsuit against Ripple Labs and two of its executives are currently playing out in court, and after the first two virtual hearings, it seems SEC might not have as strong of a case as many believed in the beginning. When SEC first filed its lawsuit against Ripple back in December last year, it had a direct impact on XRP as many US-based crypto platforms started delisting the third-largest cryptocurrency at that time.
Many pundits called it a virtual end for XRP in the US and the end of the road for Ripple, however, after the first two court hearings several revelations made by Ripple’s legal counsel have turned the case on its head in their favor. During the first hearing, Ripple counsel revealed that SEC ignored queries by numerous exchanges on the status of XRP and allowed them to trade XRP without any warnings. The second hearing revealed even more interesting facts, where the judge observed that
“My understanding of XRP is that not only does it have a currency value but it also has a utility and that utility distinguishes it from Bitcoin and Ether.”
“My understanding of XRP is that not only does it have a currency value but it also has a utility and that utility distinguishes it from Bitcoin and Ether.” I kid you not, this was a quote from Judge Netburn in the hearing in the SEC v Ripple case today
— Jesse Hynes (@jesse_hynes) March 19, 2021
SEC’s Comments During the …
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