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SEC vs. ripple The verdict will probably be the biggest crypto news No verdict date has been set, but analysts expect it to be next year. It is still too early to predict the outcome of the incident, and its impact will likely go well beyond Ripple and her XRP. It affects other cryptocurrencies, ethereum In particular.
The U.S. Securities and Exchange Commission (SEC) filed suit against Ripple on December 20, 2020. In the lawsuit, he sued the company and its executives for providing $1.3 billion in unregistered securities in 2013.
That claim Ripple and its executives raised money by selling XRP to investors in the United States and around the world. Also, its executives raised $600 million through token sales and failed to register them under federal securities laws.
In doing so, Ripple has deprived investors of the protection companies need when raising capital. Nor did they have access to information.
Ripple denies these allegations, claiming the SEC knew XRP was not a financial security. This refers to a speech by former SEC director William Hinman, who said ETH is not a security.
The biggest impact of the SEC vs. Ripple verdict is on Ripple itself. However, analysts believe other cryptocurrencies such as Ethereum will also be affected.
As you may remember, Ethereum moved from a proof-of-work crypto to a proof-of-stake coin in 2022. This allowed people to stake their coins and get a return. Staking is the process of binding tokens to validators and receiving monthly rewards.
In a post-merger statement, SEC Chairman Gary Gensler said he believes Ethereum is now financial security.
Therefore, if the SEC wins, they will look to other cryptocurrencies, including ETH. It uses arguments made in court to prove its claims.
Lawsuits against ETH and other platforms within its ecosystem will have a significant impact on the coin. One is that many exchanges are delisting in the US and maintaining good relations with the SEC. Many exchanges have already delisted XRP on their platforms.
In addition to Ethereum, the SEC will use its claims to track other platforms that have had token sales in the past few years.
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