XRP or Ripple is a cryptocurrency trying to break even in the crypto market just like various others out there, including Bitcoin and such, but its flight is continually pushed towards the ground by SEC (Securities and Exchange Commission) in the US, and there is a lawsuit going on if some of you are new to the development. XRP, just like various other cryptocurrencies, started out thereby initiating their ICO (initial coin offering), and hence the transactions and trading of the token started on the blockchain (heart of decentralized revolution). It did make quite an impression, but then its further trading or involvement with the investors was terminated by SEC, claiming that it is not a cryptocurrency but security and hasn’t registered itself.
Long story short, both the SEC and XRP have been going at it when the case finally went to trial in the US, concerning other regions around the world, everything is going pleasantly well for XRP but until SEC hands XRP a green ticket or conveniently a US court does it XRP is not in the clear. During the development of the lawsuit, XRP runs into some interesting news article or some other press release where one of the representatives from the SEC did refer to XRP as a cryptocurrency and not a security. So, this is the only beating drum XRP has stuck with and has been beating it for quite some time; in fact, this consistent beating managed to get them access to the SEC’s internal documents.
SEC Trying its Best to block XRP’s Access to the Internal Documents
But SEC is coming right back at XRP saying that the actions of the XRP people are nothing but plain harassment, so their access to the SEC’s internal documents must be terminated right away, appealing before the court was one of the SEC’s legal representation. Allegedly these documents contain information about XRP, Bitcoin, and Ethereum, and according to the XRP’s legal team, if they can get it to prove that the SEC back in the day mentioned XRP as a cryptocurrency and not a security, then it is possible that the whole thing might go away. SEC wants to limit the access of XRP to these documents by stating that it is not relevant to the case in any sense.
According to SEC, Ripple is not respecting the limitations of the access to the documents by the court’s orders and has been nailing SEC to provide more access to some finer documents which can’t be entertained. This has just become the most interesting legal and financial dispute between two bodies, and it is not sure where or when it will end.