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The complaint claims that Ripple knew that its digital coin could be a security offering after receiving legal advice “as early as 2012” but disregarded it.
The last time XRP dropped to that position was in June 2014, when it fell below the meme coin Dogecoin.
Barring any last-minute changes, Ripple-SEC lawsuit is expected to last all year long as the pre-trial conference has been set for February 22.
Ripple founding member Jed McCaleb continues with his aggressive XRP dumping and has reportedly made more than half-a-billion dollars in gains by selling XRP over the last 8 months.
From Gene Simmons’ list of digital assets, both XRP and Dogecoin have been involved in tremendous gains in the past few days mostly fueled by the WallStreetBets speculation frenzy.
Some analysts in the crypto industry say that the current price of XRP is unsustainable.
The blockchain startup noted that the SEC is unwilling to accept XRP’s utility. The Ripple general counsel also said that the SEC action has unnecessarily created doubt among investors leading to their huge financial losses with falling XRP.
Ripple has already faced a similar case filed against it by the SEC, which alleges that the XRP token is a security and not a crypto asset.
Stu Alderoty’s sense of buoyancy was also highlighted in the post as he revealed that he believes Biden’s administration would make crypto regulation one of their top most priority over the next four years.
Japan is not the only country to have released a statement saying it does not recognize XRP has a security. Financial authorities in the United Kingdom have the same position.
The move from Bakkt further complements the decision of Coinbase and other exchanges including Binance US, OKCoin which had removed XRP coin from their platforms.
The Ripple executives view these XRP-related issues with the SEC as an attack on the entire cryptocurrency ecosystem.
The UK-based investment giant has stated that it plans to redeem its Series C stock as per the “contractual right”. Thus, it asks regulators to prevent Ripple from using its cash or other liquid assets until it clears the dues. Ripple says the lawsuit by Tetragon holds no merit.
The petitioners accused the SEC of causing remarkable damage to their XRP coin holdings which has tanked in value since it filed the lawsuit.
As per the court order from the US District Court of New York, both the parties have been asked to submit a joint statement with the case’s legal arguments, potential motions and likelihood of settlements.