Clearing the air of Fake News Around XRP SEC Lawsuits
- Coinbase Delisting XRP
- Lawsuit Against XRP
- SEC Will Sue Other Cryptocurrencies
- Conclusion
XRP, a cryptocurrency from Ripple, holds the position of being the third-largest cryptocurrency by market cap. It had to face setbacks after the news about the SEC’s lawsuit against Ripple became public. There’s no denying that the SEC, indeed, is suing Ripple. So, all the news about XRP that is doing rounds now, true? Well, some are, some are not!
The Hashant team has decided to take matters into its own hands to point to the actual ground realities. Our article will help you decipher what’s the current situation. It will help you understand which of the news about XRP is fake and which is not.
Coinbase Delisting XRP
The major news that has blown out of proportion is that Coinbase is delisting XRP. It’s far from the truth. Let’s set the record straight. Coinbase is not delisting XRP. Yes, that’s as true as it gets. Instead, Coinbase is suspending the trading of XRP on its exchange.
Coinbase made an announcement regarding their decision to suspend XRP trading. They had put a partial limit on XRP trading pairs starting December 28th, which will then turn into a full suspension from January 19th. Considering that Coinbase is a US-based company, they will have to comply with the United States laws and their government organizations. It does not mean that Coinbase is delisting XRP.
Lawsuit Against XRP
The fact of the matter is that the SEC did not sue XRP. They have sued the People behind Ripple instead. They believe that Ripple management broke the security laws in the United States by selling XRP tokens. The XRP trading will likely continue as normal once the current issue between Ripple and SEC is solved.
As per reports, Elad Roisman, the newly appointed SEC Chairman, is a pro-crypto Republican. As per the public statement issued by Ripple, they will be engaging with the newly appointed U.S. Securities and Exchange Commission (SEC) authorities. At the same time, they will double down to defend themselves against legal battles they will face in the court.
SEC Will Sue Other Cryptocurrencies
This is another fake news that is spreading fast. Some people are claiming that the SEC will start filing cases against other cryptocurrencies, once they are done with Ripple. There’s no truth in this news. Instead, we will see cryptocurrency regulations clearing uncertainties regarding cryptocurrencies in the United States.
Hester Pierce, SEC Commissioner, often called “Crypto Mom,” is optimistic for 2021. She has called SEC’s approach regarding cryptocurrencies, too slow and too ambitious. But this will change soon. It means that the uncertainty around cryptocurrencies will decrease, and the path ahead will be clear.
Conclusion
Yes, Ripple is in a problematic situation now. We all can agree to it! But it’s not as bad as some fake news is making it out to be. The Ripple team has decided to double down on their efforts to defend themselves. With the change in the SEC leadership team, we will see many new cryptocurrency laws that will help catapult the crypto industry as a whole. The lawsuit against Ripple will prove to be a turning point for the global crypto industry. There’s nothing to worry about as Ripple will bounce back even stronger. The prices of XRP tokens will rise again. It will touch new heights once it gets over the current legal challenges. Let’s take this as something that’s for the greater good of the crypto world. Cheers to that!
