Is This Crypto Lawsuit Near to A Verdict?

In the Ripple vs SEC lawsuit, the XRP supporters are highly optimistic about their win in this case.
During the recent hearing, the SEC Chair left unanswered some questions that may affect the outcome of this lawsuit.
The lawyers of Ripple reportedly seem confident in their victory as the SEC Chair completely fails before Congress in testimony

The current situation demands that it is high time that the crypto industry requires strict regulations. Thus the Securities and Exchange Commission (SEC) worked exceptionally hard to make the rules challenging through the court.

During the recent House Financial Services Committee Hearing on April 18th, Gary Gensler, SEC Chair, avoided calling XRP security. This Ripple vs SEC lawsuit may set a precedent for U.S. cryptocurrency regulation. While the outcome of the lawsuit could mold the future of digital assets in the country.

Is This A Bad Time for The SEC Chair?

In the recent hearing, he remained unanswered when SEC Chair Gary Gensler questioned whether Ethereum (ETH) is a security or commodity. The representative of Congress, Mr. Patrick McHenry, said that if all these questions were asked to you privately, why are you so surprised? All the lawsuits you have filed against crypto exchanges need to be answered.

For two years, Democrats gave @GaryGensler a pass for his disastrous agenda. It’s time for accountability. From his destructive climate disclosure rule to his regulation by enforcement of digital assets, Chair Gensler’s agenda has weakened capital markets & stifled innovation. https://t.co/coo8kvmpYe
— Patrick McHenry (@PatrickMcHenry) April 18, 2023

The SEC Chair also blamed cryptocurrencies behind the collapse of Silicon Valley Bank (SVB). Moreover, the U.S. lawmaker is reportedly working to introduce legislation to remove Gary Gensler due to a “long series of abuses.” Congressman Warren Davidson has proposed legislation to end the service of Gary Gensler as the Chair of SEC. Meanwhile, the lawmakers may soon replace the SEC Chair and restructure the SEC.

The Ripple vs SEC lawsuit is not new for crypto insiders. The supporters of Ripple think that Ripple is almost near its win. On the other hand, the SEC is trying to rebrand digital assets as securities, like Ripple vs SEC. Gary Gensler, the SEC Chair, said bringing Decentralized Finance (DeFi) under the securities rules will be regulated that way. It must be noted that the SEC Chair owns the knowledge of blockchain technology and has spoken on the subject differently.

XRP Price Performance

The unpredictable outcome of the Ripple vs SEC lawsuit will affect the price of XRP. Due to the uncertainty of regularity in the market, the company dropped XRP from its liquidity Hub. According to the CoinMarketCap data, the price of XRP dropped from almost $0.52 to $0.49 after the hearing day.

Source: XRP/USD by CoinMarketCap

Meanwhile, at press time, the price of XRP is trading at $0.4908 with a 24-hour trading volume of $1.38 Billion. The coin noted a decline of almost 2.19% in the last 24 hours. The current situation for XRP is following the downtrend, but if Ripple marks the win, then a comeback of XRP can be expected.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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Source: https://www.thecoinrepublic.com/2023/04/21/ripple-vs-sec-is-this-crypto-lawsuit-near-to-a-verdict/