As the Ripple - SEC case continues, developments are taking place in the case. The outcome of the lawsuit is of great importance for the future of both XRP and the industry.
Ripple made 4 requests from the court!
Over the weekend, Ripple CEO Brad Garlinghouse and Chris Larsen responded to new allegations from the Securities and Exchange Commission (SEC). Ripple executives, as expected, denied all allegations made against them by the SEC. Claiming that there was insufficient information and evidence about the accusations, the majority of the responses given by the managers to the complaints were "no response required". In addition to denying the allegations brought against them by the SEC, the defendants listed four demands necessary to end the lawsuit, which had been running for more than a year. According to Garlinghouse and Larsen, the court should drop the lawsuit filed by the SEC, rule in favor of the defendants, qualify the action against the defendants as bias, and pay Ripple executives for attorney fees and other expenses.
The defendants also sought compensation from the court based on the inconvenience caused by the case.
In their response to these requests on Friday, April 8, 2022, the defendants stated that the Securities and Exchange Commission may wish to request a "jury trial". While the defendants acknowledged that the SEC was entitled to such a request, Riple asked the court to dismiss such an action, as opting for a trial by jury would result in further delays, which would continue to hurt investors. The SEC has been accused of using delay tactics to get Ripple to negotiate a settlement agreement in its favor. The SEC had requested an extension of the timeline for lawsuits that continued to harm the price of XRP.
SEC lawsuit costs Ripple (XRP) dearly
Ripple (XRP) has fallen far below its first position in the global cryptocurrency rankings by market cap. The SEC lawsuit has displaced XRP from its target and has done great harm to investors. In late 2017, during the Bitcoin price rally skyrocketing to $20,000, XRP was second only to Bitcoin. XRP reached its all-time high (ATH) $3.40 in January 2018 and continued to hold the second place. However, following comments from former SEC director William Hinman who stated that BTC and ETH are currencies, not securities, Ethereum has managed to surpass XRP.