US SEC- The United States Securities and Exchange Commission shall soon be filing a suit against Ripple for the XRP token sale. This sale has been done with unregistered securities. CEO Brad Garlinghouse had recently given this statement. Due to this, there has been quite a crowd on Crypto Twitter speaking on the criticism and support for the non-de-centralized business model of the ripple. As per the Fortune news, the SEC is all set to file the lawsuit soon. However, there is no certain timeline that has offered and not even been filed during the writing.

The third large Currency is XRP which is as well in news for a long. Ripple has been in support of this current and the SEC has planned to file the lawsuit against the company which is on the alleged XRP token sales as the securities that are not licensed. The suit is expected to report the CEO of Ripple Brad Garlinghouse along with Chris Larsen who is the co-founder of the defendants.

CEO Brad Garlinghouse made an announcement of the impending clash with SEC on Twitter. He further added a statement that SEC has visited for attacking the crypto. JKay Clayton which is Chairman has also in his statement stated that he is picking the winners and trying to restrict the innovation of the US in the industry of crypto to ETH and BTC. Garlinghouse also expressed the difference at Ripple point and its XRP being back down post the gela battle is about to start. He also added some inconsistency in the United States regularity as compared with other regulating bodies.

As per Garlinghouse, it is more like an attack on the whole crypto industry with American innovation. Now you may wonder why it is just XRP and not ETH or BTC. Well, XRP has long come under many criticisms from SEC and there has been quite a number of the crypto community for its decentralization lacking. The SEX has even in the past tried ruling the Ethereum and BTC which are considered to be non-securities since they are not controlled by any company or person. Most of the XRP cryptocurrency is actually controlled by the Ripple labs with more than 100 tokens that were created at one time and are not mined gradually.

Shivangi Mujumdar

CBW - External Analyst

INDIA