The native coin of Ripple, XRP, powers the peer-to-peer network known as the Ripple ledger. Between difficult-to-match fiat currencies, ripple (XRP) serves as a bridge. The Federated Consensus mechanism, which is used by Ripple (XRP), relies on network users being dependable and well-known to one another. Ripple has a strong use case, however, its pending lawsuit is driving investors away. Here are the Ripple SEC updates as of March 2023.
Why does Ripple have a lawsuit with the SEC?
Ripple Labs is currently facing a lawsuit filed by the SEC alleging that they conducted an unregistered security offering by selling XRP to investors. The SEC argues that XRP is a security and should be regulated under federal securities laws. Ripple Labs disputes this, claiming that XRP is a digital asset used for payments, not a security.
Ripple CEO is POSITIVE about a resolution soon
The outcome of the lawsuit is expected to have significant implications for the cryptocurrency industry. Ripple CEO Brad Garlinghouse expects a decision to be made soon and believes that the SEC’s case against Ripple is the reason for the US falling behind other countries in productive crypto regulation. As of now, the price of XRP has decreased by almost 2.9% in the last 24 hours and is currently at $0.366.
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