- The SEC has been playing a game with the Ripple executives. It has been trying to get them to admit that the company did something wrong. The SEC has not been very good at this game. It has not been able to get the Ripple executives to admit that they were wrong.
- The SEC is investigating Ripple’s XRP as part of its crackdown on the crypto market. The SEC alleges that XRP is a security, causing Ripple to face heavy regulatory scrutiny.
- Ripple’s executives are calling for sanctions against the Securities and Exchange Commission for allegedly “gamesmanship” that led to the company’s recent lawsuit against the agency.
Enough of this
- Ripple Labs and the individual defendants- Chris Larsen and Brad Garlinghouse have filed a letter supporting their motion to strike the SEC’s Metz Supplemental Expert Report.
- In the letter, the defendants make a number of arguments that the SEC’s supplemental report “lacks foundation in the law and fact and contains false and misleading statements.”
- Ripple Labs and the individual defendants have also filed a motion to strike the SEC’s Metz Supplemental Expert Report.
Remove them gloves
- As Ripple maintained a strong stance in the lawsuit against the SEC, large holders fancied more of XRP, the native token. As per WhaleStats data, whales’ utility of XRP increased as it ranked among the most used smart contracts by the 1,000 biggest BSC whales.
- This is because XRP was adopted by many of the biggest smart contract platforms, including Ethereum, Tron, NEO, and EOS. The second most used smart contract on BSC whales was 0x, which is the trading platform for XRP. This is because every exchange that trades in XRP has the ability to perform an atomic swap, meaning it can automatically and seamlessly exchange XRP for other tokens.
Conclusion
The Ripple executives say the U.S. Securities and Exchange Commission has been “prosecuting” the company for a year.
The SEC took no action, but its failure to act is a symptom of a regulatory system in which powerful financial entities like Ripple are able to evade accountability and regulation for their actions.
