The ongoing legal battle between the U.S Securities And Exchange Commission (SEC) and crypto payment company- Ripple continues to take new turns every day. Ripple, who are the XRP token owners, was dragged to court by the U.S financial watchdog last December over the sale of $1.3 billion worth of unregistered securities disguised as XRP in the country. That action by the financial regulators led to a crash in the price of XRP in the crypto market, as many crypto exchanges started to delist the cryptocurrency off their platform. However, it seems that there is light at the end of the tunnel, as Ripple has now won a discovery motion against the U.S financial regulatory body.
Ripple believes the SEC is hiding details about Bitcoin and Ethereum regulation
Since the last December, Ripple had not been the same, as the SEC legal tussle had taken a negative toll on both the company’s fortunes and its token prices. However, the crypto payment company has now announced that the court has ruled in their favor for the SEC to hand over an internal crypto regulatory document. The contents of the document, which will now be in the hands of Ripple, are set to give the general public an overview of how the U.S SEC regulates Blockchain activities in the country.
Ripple believes that the SEC had been impartial in the regulations around Bitcoin and Ethereum and have now moved to the court to help it get the document to review their claims. The motion, which is now won, was filled by Ripple early last month, as they have asked the presiding Judge to compel the SEC to hand over documents, believing to contain Bitcoin and Ethereum regulations in the country, to them.
XRP is the most excited
The people at Ripple believe that the SEC had been unfair in the harsh judgment of XRP, as they believe that the digital asset is in the same category as Bitcoin and Ethereum. However, in response to Ripple’s claims, the SEC had replied via its spokespersons that it does not consider both digital assets as Securities, contrary to the accusations of Ripple.
Ripple’s people believe that XRP is nothing but a cryptocurrency and believes that the SEC classifying it as securities does not help their case. However, despite the court pledging to assist Ripple in their plights, they have restricted the crypto company to internal documents that concern their case. Fortunately, while Ripples’ executives have felt the excitement at the new ruling, it appears that XRP is the most excited.
The token has surged up by a whopping 28% in the last 24hours, and it currently trades at $1.06- a three-year record-breaking price. According to data from the trading view, the cryptocurrency’s market cap is also at a high of $43.26 billion, as it appears that things are gradually beginning to shape up again.