The legal fight in Ripple Labs is getting more intense. The U.S. Securities and Exchange Commission case is getting more intense, with Ripple choosing to shield some documents from public disclosure. Ripple has filed a motion to seal some documents related to the case, arguing that the company’s financial statement and details of business links need protection.
Ripple protecting confidentiality amid legal battle
James K. Filan, representing Ripple’s defense, says there is an ongoing fight to shield documents because of the obvious possibility that they could expose proprietary data that could not only destroy Ripple’s social relationships but also hurt its competitive edge.
The SEC declined to block the sealing of such materials; it cited issues surrounding other materials that they deemed appropriate for the discussion, underlining that the legal proceedings were set to be turbulent.
Like the essence of the legal arguments between Ripple and the SEC, the focus is on the nature of XRP. The SEC claims that XRP is security, which is mentioned in the SEC’s appeal regarding the violation of securities laws since registration of the crypto wasn’t completed. In contrast to Ripple’s claim that XRP is a cryptocurrency, a different entity does not subject itself to the regulatory framework for securities.
Ripple’s future amid turbulence
The case outset carries big challenges for Ripple and the global cryptocurrency markets. An SEC win would probably mean huge fines for Ripple Labs LLC and adjustment to the securities regime. On the other hand, if a startup like Ripple can win a case, then not only will it be a victory for Ripple, but it will also set a precedent for other digital assets that would enjoy similar regulatory challenges.
Legality is not the only issue the community is interested in, as significant activities within the Ripple system have also drawn people’s attention. The Ripple coin re-transfer of 280 million XRP tokens between compelling whale addresses and crypto exchanges has the element of a market swerve and reassignment.
Although Ripple’s legality is still questionable, XRP currency has been stable all the while. Concern has been raised about the particularly vulnerable to the report that cryptocurrency has recently dropped to the present price of zero. As for XRP has a market value of $43. 5 billion with a price of $0. 33, and bitcoin and ether, with market caps of $1 trillion, seem like reasonable valuations. This resilience against legal mess shows the belief of XRP investors in the company’s Long-Term potential.
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