• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

What Are Ripple’s Chances of Beating The SEC in Court?

Samuel Wan by Samuel Wan
1 year ago
in Ripple
Reading Time: 3 mins read
Advertisement

Just weeks ago, XRP was outperforming Bitcoin, and everything Ripple related was coming up roses. However, less than 10 days ago, all of that came crashing to an abrupt end.

It emerged that the U.S. Securities and Exchange Commission (SEC) was building a case against Ripple, and its two most senior executives, over securities fraud.

“The complaint alleges that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in an unregistered securities offering to investors in the U.S. and worldwide. Ripple also allegedly distributed billions of XRP in exchange for non-cash consideration, such as labor and market-making services.”

The news shocked the cryptocurrency world. More so, the timing of the announcement, in that the SEC leadership has just weeks left before leaving office, with the rest of the Trump administration.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The XRP price suffered tremendously. From its mid-November year to date high of just under $0.80, XRP has plummeted as low as $0.1686 at one point. This represents a 79% drop.

Today sees some semblance of a fightback, with the price up 2% in the last 24-hours to $0.2198 at the time of writing.

Ripple XRP daily chart YTD

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Source: XRPUSDT on TradingView.com

XRP Exchange Exodus Accelerates

Each passing day sees another crypto exchange either suspend or removed XRP trading altogether. Yesterday was the turn of Binance U.S., who elected to delist XRP with effect from January 13, 2021.

According to crypto researcher Larry Cermak, that leaves Kraken as the only big exchange serving U.S. users wishing to trade XRP. However, Cermak is of the view that Kraken will fall in line with the others soon.

Kraken is now officially the last major exchange serving U.S. customers that hasn't yet delisted XRP. Coinbase, Bitstamp, Bittrex, Binance US, FTX US all delisted already. Announcement must be imminent.

— Larry Cermak 🟨 (@lawmaster) December 30, 2020

The latest development sees a pre-trial conference set for February 2021, in which all parties have the opportunity to discuss the path forward.

While Garlinghouse has been silent on the matter since Christmas Eve, it looks as though this case will go all the way to court.

What’s particularly worrying for XRP holders is that the SEC has rarely lost a court case. And never one involving cryptocurrency security tokens.

The SEC’s Has a Strong Track Record

To determine what could happen to Ripple requires looking at past cryptocurrency-related run-ins with the SEC.

YouTuber Ben Armstrong, also known as BitBoy Crypto, posted a video on just that. In it, he refers to cases involving Tezos, EOS, Telegram, and Kik.

In the case of Tezos and EOS, Armstrong pointed out that both companies caved in and paid their respective settlements. Meaning neither firm went as far as going to court.

Whereas Telegram and Kik opted to challenge the SEC.

The outcome for Telegram saw the court side with the SEC, resulting in a civil penalty of $18.5 million and the return of $1.2 billion to investors on the sale of unregistered Gram tokens.

In the case of Kik, the court also sided with the SEC over charges of illegally selling its unregistered Kin tokens. A $5 million penalty was levied against the firm.

As such, while Garlinghouse says, “we are not only on the right side of the law, but we will be on the right side of history,” the truth of the matter is that the SEC has a strong track record.

With that, the odds are stacked heavily against Ripple.

Tags: RippleXRPUSDxrpusdt
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Related Posts

XRP whales

XRP Whales Boost Accumulation Appetite, Register 2-Month Peak Holding Supply

1 month ago
Ripple

Ripple (XRP) Plunges To $0.43 With Bears In Full Swing

1 month ago
Ripple Price Falls Below $0.43 As Bears Take Control Of The Market

Ripple Price Falls Below $0.43 As Bears Take Control Of The Market

1 month ago
Ripple

Ripple (XRP) Struggles To Breach $0.45 Level, Down 16% In Last 7 Days

1 month ago
xrp

XRP Price Rebounds, Up 6% In 24 Hours, After Suffering Major Hiccup

2 months ago
Ripple

SEC, Ripple Agree To Extend Legal Battle Until 2023; XRP Bears The Brunt Of Case

2 months ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Crypto To Add The Best Gains To Your Portfolio For Bull Market: Gnox (GNOX), Cronos (CRO) And NEAR Protocol (NEAR)

July 1, 2022

U Promise Me: The Digital Promise Platform

July 1, 2022

XT.com Lists Land of Fantasy (LOF) With USDT Trading Pair

July 1, 2022

LYOTRADE Launches Crypto Loans—Get USDT and Win Against Volatility

July 1, 2022

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.