The SEC has filed a motion to dismiss Ripple’s lack of "due process and fair notice" defence, which pinpoints that the fintech firm had not been warned beforehand that XRP was in violation of securities laws.
With Gary Gensler officially sworn in as the official Chairman of the Securities and Exchange Commission (SEC), many XRP advocates are hoping that this may be an opportunity for the SEC and Ripple to revisit the basis of the lawsuit and to rediscuss it.
As many cryptocurrencies have undergone a bull run on the back of Coinbase’s direct listing, Ripple Chief Technology Officer David Shwartz has remarked that investors should liquidate some of their cryptocurrency holdings, particularly if they have a sizeable amount.
In the Securities and Exchange Commission's lawsuit against Ripple Labs, many XRP proponents have argued that the cryptocurrency bears resemblance to Ethereum (ETH) and should therefore receive a similar regulatory treatment.
The US Securities and Exchange Commission (SEC)’s lawsuit against Ripple Labs continues to unfold, as both parties recently reached an agreement on a schedule for briefing the Individual defendants’ – co-founder Chris Larsen and CEO Brad Garlinghouse – motion to dismiss.