Lawsuits are being thrown around by people all the time; some of them are started between rivals, some are between the same working group of a company or firm, and some are not set on the right merits and are thus dismissed by the court. 

But the SEC v. Ripple is a lawsuit that is an emblem of rivalry between a blockchain firm and a regulatory authority, and that is why the most important and trending among the crypto community these days. The long story short is that XRP was stopped back in the day by SEC for trading as a cryptocurrency where SEC claimed that it is nothing more than a security and should behave like one.

XRP May Win This Important Lawsuit

XRP replied to this in the form of the current lawsuit and pulled SEC to the court. After months and months of legal battle finally, XRP was able to convince the court that SEC’s recent files and paperwork should be made public where SEC has allegedly described XRP as a cryptocurrency and not security which was a win for XRP. 

The data was presented, and then there were some more accusations thrown over by SEC towards XRP, and they had to provide some data on their end, so long, so the battle continued, and it kind of hit a dead end, but recently enough, XRP has played the ‘right back at you’ card and the case has taken a surprising turn. XRP has filed a recent motion in court in which it has urged the court to make SEC reveal the current and previous holdings of the SEC’s employees in XRP, which would prove that XRP is a tradable cryptocurrency and not a security. This motion gives SEC time until 3rd September to be able to present with said data. This motion will be building over the defense of the XRP that it was not given enough time and notice by SEC that the trading of XRP would eventually amount to selling an unregistered security. If this thing flies in court, then XRP has a real chance of winning the lawsuit and being able to resume its operation in the US for good.