July 24, 2024

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Ripple Loses Lawsuit With SEC Over XRP

Ripple Loses Lawsuit With SEC Over XRP

The CEO of crypto company Chia Network, Gene Hoffman, announced on Twitter today that he expects this ripple (XRP) Infamous Lawsuit Filed With The United States Securities and Exchange Commission (SEC) You will lose. According to him, it is almost inevitable that the court will decide that XRP is a file Safety, or effect is.

ripple suit

The lawsuit between Ripple and the SEC has been going on for nearly two years and the judge has yet to rule. The central issue in the case is whether XRP tokens that Ripple has sold in the past can be considered securities.

The SEC believes that Ripple sold XRP tokens in this manner, without obtaining the necessary licenses. Ripple denies that XRP can be a security.

CEO Hoffman thinks the SEC has that here. According to him, Ripple’s arguments will not be enough to convince the judge in the case that she is right. Obviously, this means that Ripple is losing the case with all the consequences that follow.

“The only outcome is that a federal judge will rule that Ripple’s sale of XRP turns XRP into a security.”

Is XRP safe?

Plus, the SEC hasn’t had one like this in decades Section 5 says Hoffman. It was also recently announced that another cryptocurrency project, LBRY, has filed a separate lawsuit lost with the SEC. Next, the LBRY token is set as collateral. According to Hoffman, this case is very similar to the ongoing lawsuit between Ripple and the SEC. Overall, Hoffman does not see the chances of Ripple as rosy. Although it is clear that Hoffmann is only expressing his opinion, he makes a different sound than a voice encryption society than we are accustomed to.

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We may soon hear the final outcome of the lawsuit. It seems very likely that the final stage in the case has arrived. The same goes for this week’s Ripple camp their last defense Submitted to court. It is not known when the court will issue its ruling.