Update On The Ripple Case, This Figure Says The SEC Will Not Be Able To Beat XRP

Cryptocurrency Ripple XRP (Photo; vjkombajn - Pixabay)

JAKARTA – In the midst of a lawsuit by the US Securities and Exchange Commission (SEC) against Ripple (XRP), a statement emerged stating that the SEC would not get the desired result. The statement was delivered by SEC Commissioner Hester Pierce, as reported by CryptoGlobe.

Previously, the SEC accused Ripple and its executives of getting $1.3 billion (IDR 18.5 trillion) for offering unregistered securities. Over these allegations, the SEC took Ripple to court in December 2020.

The decision has sent the price of the XRP cryptocurrency plummeting. This was followed by a number of crypto exchanges delisting XRP from the exchanges. Investors suffered losses due to this incident. However, in recent cases, Ripple has had the upper hand. The demand from the XRP community for crypto exchanges to re-list Ripple has resurfaced.

Fox Business journalist Eleanor Terrett, citing an anonymous source close to the SEC, said Peirce said he privately believed the SEC would not get a favorable outcome from the lawsuit.

Peirce has in the past expressed concern over the SEC's approach to cryptocurrencies, to the point that she is often referred to as the “Crypto Mom' by the crypto community. His outspoken pro-Bitcoin stance has led him to call for regulatory clarity time and time again over the years.

The SEC vs Ripple case is predicted to end in the coming months. According to legal expert Jeremy Hogan, expects the lawsuit to end between August 26 and November 18 this year, as summarized from CryptoGlobe.