Since the Securities and Exchange Commission announced its lawsuit against Ripple, the following events have been monitored. As one of the most famous and influential cryptocurrencies, the outcome of whether XRP is a security will have far-reaching implications. Despite this lawsuit, Ripple has managed not to be suppressed and has seen a number of “small wins” over the past few weeks.
A closer look from Ripple
To triumph over the SEC, Ripple needs all the help it can get. This week a little help manifested itself in the form of previously invisible documents.
A motion filed by Ripple requested SEC internal documents to discuss cryptocurrencies (including XRP) – a motion that was approved by the courts overseeing the lawsuit.
As a result of these actions, the attorney representing the SEC on this case has argued that the focus should remain on Ripple’s alleged illegal acts and that the defendants should not shift focus the other way.
Although the contents of these documents have not yet been shared, Ripple hopes to find information that undermines the SEC’s allegations that XRP is a security.
As Ripple itself battles allegations that XRP is a security, legions of fans who support the company continue to battle in their own way. The latest example of this is a petition launched on change.org.
This petition, calling on SEC Chairman Gary Gensler to end the war on XRP, addresses a number of issues.
- Stop using enforcement as the first step in regulation
- Investigate former SEC chairman Jay Clayton’s actions and possible conflicting relationships
- Open channels for communication with participants from the industry in order to discuss clear framework conditions
The points were summed up by the petition writer Thomas Hodge, as he said:
“Gary Gensler needs to end this practice of policymaking through lawsuits, sit down with the XRP owners themselves, and hear their stories. We want clear rules for everyone, not just another SEC chairman picking winners and losers in a regulatory vacuum. And we are calling for an investigation into whether the SEC is protecting the interests of anyone other than retail investors when the Ripple lawsuit was filed in December 2020. “
Since the SEC’s primary mandate is to protect investors, many believe the regulator failed because the lawsuit did undue damage to millions of existing XRP owners – more damage than Ripple has ever done before.
Thousands of signatures had already been received less than 24 hours after the petition was published.
Despite the ongoing events related to petitions and lawsuits, Ripple has continued to operate as usual. Ripple, which has long touted cross-border payments as a specialty, recently acquired a 40% stake in Tranglo.
Tranglo, based in Asia, is considered a pioneer in cross-border payments and is intended to help Ripple continue to establish itself on the continent.
‘The payments landscape in Southeast Asia is highly fragmented. Each country has its own process and payment infrastructure. The lack of standard integration for regional cross-border payments currently requires expensive workarounds. Through this partnership, both companies will combine their in-depth local expertise to tackle the challenges associated with cross-border payments. ‘
Overall, each of the events described above tends to be positive. As a result, XRP recently saw a sharp surge in market value. While the entire market has pulled back slightly since then, XRP remains in a much better position than it did a few days ago.
On this latest pump, XRP quickly topped $ 1.00 per token – a mark that hasn’t been hit in about 3 years. Even so, it seems nothing short of a victory over the SEC that will allow XRP to break its previous all-time high of $ 3.30.