In the Securities and Exchange Commission’s (SEC) lawsuit against Ripple (XRP), more evidence is expected to emerge today.
Ripple-SEC lawsuit one step closer to resolution
Following last week’s ruling by Judge Analisa Torres to determine whether Ripple is offering unregistered securities in the US via an XRP offering records will be published. Many observers believe the documents will finalize SEC action as key reports appear in Ripple’s favour. Addressing the legal dispute between the SEC and Ripple, Attorney Jeremy Hogan was a special guest on the broadcast at a live YouTube session hosted by Wells Fargo COO Scott Powell.
Attorney Hogan commented on how the case has progressed so far and the likely outcome, noting that despite the various evidence that may have been presented in the case, he saw only a handful. Hogan says he has “only seen five pieces of real tangible evidence.”
Litigation process expected to be resolved
Meanwhile, important documents will be released today and perhaps bring the action closer to a conclusion. Many legal experts, including attorney Hogan, are expected to make a more thorough assessment of the likely outcome once the documents are officially released. Some investors believe the case will end in victory or loss, while others, such as attorney Hogan, believe the case will be settled.
Long-term XRP expectations
If the case does not result in a settlement, the future of XRP will be determined by whether the case is won or not. A victory for Ripple could boost XRP’s popularity and perhaps get the cryptocurrency to be listed again on several US crypto exchanges. Ripple is also preparing to take its blockchain initiative public. A possible win will also help with the classification of cryptocurrencies in the near future. On the other hand, losing the case for Ripple will result in the removal of XRP from all US-based exchanges. However, XRP trading will continue through offshore exchanges, which are not regulated by the SEC. As we quoted as Kriptokoin.com, SEC chairman Gary Gensler said that the commission is after the Ripple company and they will prosecute any altcoin project that is an unregistered security. We will be reporting the developments regarding the process.
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