As per statistics from coinmarketcap.com, daily trade rates on the XRP sector steadily decreased as the year 2021 came to a close, but they remained over $1 billion.
As the crypto business evolves, traders and the general public have been watching the digital content for clues about what to anticipate from authorities.
The XRP litigation is set to last three years: 2020, 2021, and 2022.
The SEC v. Ripple case was officially filed in the year 2020. On December 22, 2020, former SEC Chair Jay Clayton signed the lawsuit. Something Ripple CEO Brad Garlinghouse mentioned on Twitter a few days ago.
“Of all the naughty things that happened in 2020, this was definitely one to end the year on.” I’m laughing so hard that I’m rolling around on the floor. But what I argued back then is still (painfully) valid today: it is a crypto attack throughout the United States, not just on Ripple.”
Both companies followed their legal strategy in 2021, with fact discovery revealing that the claimant is pursuing the notion that Ripple advertised and marketed XRP as security contracts.
Ripple Labs, Brad Garlinghouse, and Chris Larsen, the plaintiffs, are more concerned with the SEC’s failure to provide appropriate warning that XRP may be regarded as a commodity.
Various market players have been forced to wonder which digital currencies may be considered a commodity due to the SEC’s many discrepancies over the decades.
Telegram first, Ripple second, Ethereum third?
Clearly, one of the SEC’s strengths isn’t clarity. Because of an illegal services sale via initial coin offering, the SEC brought a case and prevailed against Telegram (TON) in 2020. (ICO).
That really was two years since ex-SEC William Hinman claimed in a 2018 lecture that Ethereum is not a security.
Although Ethereum has also received funding through an ICO in 2014.
The SEC has backpedaled on any comments made by an employee, even as they were publically talking on the authority of the regulator, as Ripple has repeatedly pointed out throughout the case.
We’ll have to hang tight to see if that approach persuaded the Judge, but once the new year begins, we can expect to hear about what’s going on in court on a near-daily basis.
The SEC v. Ripple case will be resolved in 2022, either by a settlement or a court judgment. This will most probably occur this quarter, in Q1 2022, as well as the decision will determine the guidelines for future dealings with the SEC, since the agency displays no indications of abandoning its enforcement-based approach.