Ripple Case, If The SEC Wins This Will Happen!

Ripple is still facing a lawsuit from the SEC. (Photo; Doc. Siam Blockchain)

JAKARTA Blockchain-based cross-border remittance company Ripple is facing a lawsuit with the US Securities and Exchange Commission (SEC). Ripple also received support from leading companies including Coinbase and I-Remit.

In addition, the XRP community is also often active in providing their support on social media. They assess that the problems Ripple is facing are the problems facing the crypto industry as a whole. Therefore, not a few investors provide their support for Ripple's victory in court.

Despite all that, about six XRP investors recently considered other things, namely the possibility of the SEC winning. According to DailyHodl, six XRP holders said in an amicus briefing that if the SEC succeeds in its arguments regarding the seventh largest crypto asset statement based on market capitalization, then stakeholders in the crypto space will be harmed.

Amicus Curiae is Latin for a "trial friend", in which a third party testified in support of the defendant. The investors stated that if the SEC wins its claim against XRP, then SEC will have the authority to regulate a large number of related parties, including digital asset exchanges, developers, vendors, and ordinary users and XRP holders.

Not only that, the SEC's victory is also said to be violating the entire secondary market for XRP and possibly, the entire cryptocurrency market. While the SEC uses law enforcement action to expand the jurisdiction's reach, millions of innocent holders suffer losses.

Half a dozen holders say that the SEC lawsuit filed against Ripple by the end of 2020 has left thousands of XRP holders unable to access their crypto assets.

XRP holders further argue that while some of the seventh-largest crypto asset owners by market cap may have bought it as an investment, it's not on Ripple's orders.

There is no doubt that many earn XRP for consumption. There is no doubt, XRP is also obtained for investment, usually at the same time as Bitcoin and Ether. XRP holders who do invest, however, are not due to Ripple, "added investor statement.

"But due to widespread accusations, the life savings and pension accounts of thousands of innocent holders have been frozen, unable to convert their XRP into Bitcoin, Ether or US dollars," said the investor as quoted by DailyHodl.

To date, around 12 leading companies have applied for amicus theft to testify and support for Ripple against the SEC. Of the twelve companies include Coinbase, the Blockchain Association, TapJets, I-Remit, and so on.