It has been about a year that the SEC versus Ripple thing is going on without any proper endgame. But during this proceeding, Ripple has really come on top, and SEC did a very poor job proving their claims against Ripple, which was the root of this whole lawsuit. SEC has admitted to this that before the legal proceedings could begin, it didn’t inform third parties about the fact that Ripple was considered as a security in the eyes of the regulatory commission. SEC has made it clear that third parties indeed did ask about the status of XRP from the SEC, but it didn’t explain it to them or clarified it in any way.
Ripple May Win Lawsuit Against SEC
This was indeed a grave mistake on SEC’s end and would cost them this lawsuit against XRP. The lawsuit still remains in the discovery phase as both sides have presented a solid case against each other, but it was Ripple that was always in the lead, always on the top, and always two steps ahead of SEC. The case could have been a success for SEC if it didn’t confide in hiding things and facts from the court and making the proceedings go slow, which has been the case on SEC’s end. Ripple, on the other hand, has been very thorough in its defense against SEC and has managed to bring actionable insight or evidence before the court, which is why it is entirely possible that Ripple might come out of it as a victorious entity.
Taking into account the recent filing by Ripple in which it requests the court to make SEC disclose whether Ethereum is a security or not? This has strengthened the case for Ripple because if SEC answers ‘no’ that Ether was not security, then the same applies to XRP that it was indeed a cryptocurrency and SEC got it all wrong. As for the fair notice thing, SEC has also admitted that there was no fair notice given to XRP, and the whole thing was hurried; there is nothing left to the lawsuit except SEC try a little harder next time.