There has been a tussle between the Securities and Exchange Commission (SEC) of the United States and Ripple since December 2020. Both the entities were fighting each other. As a result a case was filed in a US court by SEC alleging Ripple selling securities in the US without authorization. This was the reason tussle started outside as well as inside the court.
The allegation by US SEC caused big damage to Ripple’s market valuation and price. In the beginning, Ripple to defend this allegation tried its best to defend itself.
After experiencing great damage to it and also to prove its authenticity, Ripple decided to turn the tables and fight back. Resultantly, until February 2021 this matter was a top story in the headlines overshadowing completely all the major news about cryptocurrency. Besides the case in the court, the matter did not produce results and also did not gear up.
The US SEC was unable to produce enough evidence in the court to prove its stance. When it seemed that Ripple could win, the court ordered both parties to sit together and resolve the matter.
After the court had ordered, the matter kept moving slowly between the two entities without providing any update in the matter. But very recently at the end of August 2021, again the matter refreshed and seemed heated up this time.
This time it looked like US SEC and Ripple became more agitated and were inclined towards solving the matter at the earliest. Besides all this, degrading each other in front of whole the regulatory and crypto community had also become their desire.
Reliable sources revealed that up till now no positive outcome has been put on papers despite 8 meetings have been held between US SEC and Ripple’s representatives. Consequently, after a lapse of considerable time, now they are on to it seriously to solve it as early as possible.
As per the latest news on this matter, an order from Judge has been received by Ripple. As per the order Ripple has to provide messages on Slack. Judge Sarah Netburn (US Magistrate) is the name of the judge who is presiding over the case. Directions of the order are that one million messages that were sent from Slack between the Ripple employees and Ripple management are to be provided by Ripple to SEC.
Now, at the earliest and for further investigation by US SEC, Ripple has to arrange Slack messages and provide them to US SEC. It was argued in the court that arranging such messages will cost the company almost $1 million. But it was overruled by the judge and providing of messages was again demanded.
The uniqueness of the evidence being very critical involving Ripple making billions’ by selling securities in the US, the judge has reminded. For the purpose to keep moving the case forward, it is now compulsory for Ripple to provide the required details to the US SEC.
Now, there might be something that the Ripple would be trying to hide and unravel from the judge’s order and then it may turn out to be a turning point for XRP.
