- The Ripple vs SEC case has gained notable momentum amidst the FTX and Alameda bankruptcy saga.
- The blockchain technology and cryptocurrency market have gained global attention due to the ability to overstep the siloed tech industry.
Ripple Inc. vs the SEC lawsuit gripped the crypto community on Monday after media outlet Fox business announced the settlement is slated for today, Tuesday. As a result, the XRP price has gained over 10 percent in the past 24 hours to trade around $0.38 at reporting time. The report of a possible settlement has, however, been discredited by a Ripple spokesperson through the same media outlet.
Per a Ripple spokesperson, this morning’s report on an expected settlement between @Ripple and the @SECGov tomorrow (11/15) is false. @MorningsMaria @natbrunell
— Eleanor Terrett (@EleanorTerrett) November 14, 2022
Nonetheless, Judge Torres has granted motions to file Amicus Briefs. Consequently, the Blockchain Association, six XRP holders, Coinbase, the CCI, Valhil, Cryptillian, Veri DAO, Reaper Financial, InvestReady, NSEI, and Paradigm must file their formal briefs by November 18, 2022.
The Ripple vs SEC case has gained notable momentum amidst the FTX and Alameda bankruptcy saga. More crypto firms likely to be affected by the lawsuit’s outcome have joined hands to support blockchain technology.
Is Ripple playing monkey business with Fox media?
The blockchain technology and cryptocurrency market have gained global attention due to the ability to overstep the siloed tech industry. For instance, international payments take 3-5 business days to process, while the blockchain and cryptocurrency industry offers extremely high throughput. As such, traditional financial institutions seek blockchain tech solutions, whereas Ripple specializes in its Ripplenet technology.
Notably, the XRP market has a market capitalization of approximately $19,318,541,963 and a daily traded volume of around $2.2 billion. While half of the XRP amount is in circulating supply, Ripple controls the majority stake through periodic sales.
As such, the SEC argues Ripple has been selling to the public a security token in the name of a crypto asset. Hereby disturbing the gray area in which most cryptocurrency projects have been operating in the past decade.
While the media is a major part in advertising cryptocurrency projects, fake news have reportedly been perpetrated in the name of pump and dump. The same argument has been described by longtime Bitcoin critic Peter Schiff as a sophisticated Ponzi scheme.
Side notes
The cryptocurrency market is getting defined day by day, with some people opting to watch from the sidelines. Furthermore, it is not clear if the people who lost in the FTX and FTT saga will ever be compensated.
Nonetheless, tech billionaire Elon Musk has argued that the Bitcoin market will eventually rebound. Moreover, over $43 billion worth of digital assets has been locked in decentralized financial protocols, according to data provided by DefiLlama .
The big task of spearheading crypto adoption has been left majorly on Binance, which has ostensibly created a fund to bail out affected DeFi projects in the FTX saga.
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