JAKARTA - Crypto company Ripple is awaiting a summary of the verdict in their lawsuit against the US Securities and Exchange Commission (SEC). The company believes that a decision will be made in the next few weeks.
However, this decision is unlikely to benefit their altcoin, XRP, given the possibility that this case will go to trial or Ripple lose.
The anticipation of this final decision has led to a decline in interest in altcoins, with trading volumes of the cryptocurrency declining in recent months. Despite this, the sixth-ranked altcoin still maintains a total market capitalization of around 20 billion US dollars.
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Stuart Alderoty, Ripple's Chief Legal Officer, believes that a verdict in this long-running case is not far off and could be pronounced "as soon as the end of this month." However, Alderoty advises crypto businesses to seek legal clarity in other countries, even if the summary verdict is in favor of Ripple.
Meanwhile, the price of XRP has been on the decline along with all major tokens. News about the crypto company isolating itself from ties with Silvergate bank also affected the price of XRP.
Securities and Exchange Commission (SEC) chairman Gary Gensler recently stated that all coins except Bitcoin are unregulated securities. However, Alderoty suggested that Gensler should stand down from voting in the case of further law enforcement.
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