Almost two years have passed since Ripple has faced lawsuit filings by the United States Securities and Exchange Commission (SEC). The SEC sued Ripple Labs Inc. at the end of 2020 for marketing XRP tokens on its platform. The SEC stated that it comes under unregistered securities.
From 2013 to 2020, Ripple Labs Inc. raised its capital to $1.3 billion (USD) by selling XRP tokens on the platform. In December 2020, the SEC filed a case against Ripple for selling XRP tokens.
To provide support for Ripple, the Blockchain Association has requested permission against SEC and its ongoing filings with Ripple. The major entities’ continuous support for Ripple against the SEC is growing day by day.
Recently, two more famous entities filed amicus briefs against the SEC. Judge Torres had granted permission for the requests filed by Investor Choice Advocates Network and SpendTheBits, Inc. to support Ripple. The amicus curiae briefs must be filed by November 2, 2022. Jeremy Hogan, the major attorney in the XRP community, recently commented that the lawsuit between XRP and the SEC is going to end. Soon, the 2-year marathon is going to reach its conclusion.
“The summary judgment briefs are scheduled to be made public next Monday, but last month the SEC ignored that deadline and filed the filing a day early. So, be on the lookout anytime Sunday or Monday for those to drop. After that, there will be one more brief on November 15, and then we are basically done.”
Recently, Ripple took the following steps on its platform to gain a competitive advantage in the business market:
- To improve operations
- To increase agility
- To lower the costs
- And to provide better service for their users
To provide transparency and to maintain regular updates, Ripple announces the quarterly XRP markets and its quarterly sales on the platform. According to the data, it was the first time that out of total supply, Ripple XRP holdings were less than 50%. The total XRP sales of Ripple in this quarter’s report was $310.68 million (USD).
Ripple is one of those entities that signed net zero emission to reduce carbon emissions up to 1.5 degrees Celsius according to the guidelines of the Paris Climate Summit in 2015. XRPL is one of the first major blockchains that was initiated to become carbon neutral. This year, Ripple has promised to invest $100 million (USD) in climate-focused fintech companies this year.
Source: https://www.thecoinrepublic.com/2022/10/30/the-ongoing-support-for-ripple-was-growing-by-the-day/