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Latest Update On Ripple Versus SEC Legal Battle

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As the legal battle between the United States Securities and Exchange Commission (SEC) waits for its conclusion, certain people within the XRP community have become impatient in waiting for the final judgment.

On the other hand, some members of the community are comparing the case with that of LBRY, a blockchain-based sharing exchange, and Coinbase.

However, the XRP token which is the focus of this raging legal battle that can have a huge impact on the crypto sector was changing hands at press time with the price of $0.47, down 0.42% during the day, while 2.62% across the week.

In addition, it has 4.91% on its monthly chart as of today, July 10 information.

READ ALSO:Regulators Order Crypto Exchanges To Get license Or Bear Enforcement Actions

Warnings To Stay Away

According to a Twitter post by John E. Deaton and Bill Morgan, the pro-XRP lawyers, the attorneys are appealing to the XRP supporters not to interfere with the case.

He further urged them to hold back from trying to contact Analisa Torres, the presiding Judge, or any other person that is close to the case.

Deaton argued that “nothing good can come out of it” even though the supporters contact the Judge because their patience is running out.

Similarly, Bill Morgan advised the XRP supporters against contacting the judge in charge of the case. He went further to say, “Wait for the anger of the XRP community which is even greater than that of Gary Gensler SEC Chief, Coinbase, ETH co-founder, as well as Joseph Lubin, ConsenSys joined together if you try to make contact with the Judge.”

Previously, attorney Jeremy Hogan cited the lawsuit of Coinbase versus SEC. he said that similar to Ripple’s case with SEC, “the Securities and Exchange Commission’s Coinbase opposing brief tried to overlook the State’s ‘Blue Sky’ laws.

According to him, this law outranks the legislation that established the Securities and Exchange Commission.”

Hogan even referred to particular aspects of the SEC’s response to solidify his case.

As per Hogan’s statements, where the problem lies with the “Howey case which precisely states that the case authority of the State is relevant.”

On the other hand, Paul Grewal, Coinbase’s CLO (Chief Legal Officer) expressed his disappointment over the Securities and Exchange Commission’s disagreement with Coinbase motion to dismiss the lawsuit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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