San Francisco-based Fintech firm Ripple is ready with plan B in the Lawsuit case against the US Securities body. 

Ripple is a fintech firm that provides global payment services to small and big businesses with the use of the global trade liquidity volume of its native token XRP. However Ripple’s XRP ledger blockchain network can provide high efficient transactions but still, people don’t see it as the best option because of the full control of the team on its blockchain Network via self computational power ownership. 

Recently during an event in Ontario, Ripple Chief executive officer Brad Garlinghouse said that the company will relocate its operations from the United States to other countries, in case if it lose the ongoing lawsuit against the US Securities and Exchange Commission (SEC). 

Here it will not be a strange decision for this company to be ready with plan B but past statements of this company are appreciable because it never tried to present wrong or artificial things in favour of Ripple company and its operations.

Even Ripple company admits that the majority of the XRP tokens are under the holding of the company. And also company uses the tokens to facilitate payment via decentralized methods.

Ripple vs SEC lawsuit 

In December 2020, the US SEC agency filed a Lawsuit against Ripple. The Lawsuit regulatory body claimed that Ripple’s XRP token is under the securities law and the company failed to register with the agency.

The regulatory body also said that the company sold more than $1.2 billion worth of XRP tokens publicly, which was against the Securities law. Besides these allegations, the SEC agency claimed that Ripple company tried to manipulate the price of XRP token and pumped its price artificially.

In the whole legal fight, many times the SEC agency showed a better stand against the Ripple firm with strong facts, and many times Ripple showed a better stand by taking the reference of the past statements of former SEC officials.  

The majority of the crypto proponents are in favor of Ripple company in this legal fight because if Ripple lose the case then many crypto projects will face huge scrutiny issues on behalf of the result of the XRP lawsuit.

Read also: Goldman Sachs raising funds to buy Celsius



Source link

Author

Comments are closed.