Key Developments Of Ripple Vs SEC Lawsuit

Last year in the month of December, the United States Securities and Exchange Commission (SEC) filed a lawsuit against the blockchain cross border remittance payments giant Ripple Labs and two of its executives including the Chief Executive Officer (CEO) Brad Garlinghouse and the former executive Chris Larsen. The agency accused the company of making profits worth $1.3 billion through the sale of unregistered securities.

The lawsuit battle still continues between two of these entities. So far various developments regarding the case have occurred. Both of the parties have submitted various proposals to the United State court while sharing their concerns.

Recently, the holders of XRP, the native digital currency of Ripple, requested the court asking for a seat on the table alongside the two parties of the court. However, the request of the holders of XRP has not been yet approved by the court.

New Request Filed by the SEC For Additional Recovery On the Transactions Of XRP

Recently, the Securities and Exchange Commission of the United States filed a new request in the court. In the request, the agency asked for additional recovery on the transactions of XRP, the seventh-ranked digital currency.

The request was made on the 25th of May to Magistrate Judge Sarah Netburn in which Jorge Tenreiro, the attorney of the SEC requested the court to grant them the permission of conducting around six depositions.

SEC Attorney Is Moving Ahead to Withdraw From the Case

While on the other hand, in a related news, another attorney of SEC Dugan Bliss is moving ahead to withdraw himself from the current case going on with the blockchain payments giant.

As per a report, the attorney has asked for the permission of the court to withdraw from this case. As of the time of writing this article, the attorney has not gotten permission from the court.

Meanwhile, the blockchain payments company continues to progress and make developments. Over the course of the last few days, the company has made various partnerships as well.

At the beginning of the lawsuit, most exchanges delisted XRP. In addition, there are still many exchanges that have not relisted XRP until now. Recently, Bexplus analysts pointed out that when XRP gets rid of the shackles of SEC litigation, it will usher in a new wave of upswing. This means that an opportunity to make money is coming. In this light, Bexplus relisted XRP (Ripple). If you want to trade XRP with leverage, Bexplus is a good choice.

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With leverage, it’s important to be vigilant, as returns can be outstanding, but liquidations are easier if the price moves down.

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