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The Securities and Exchange Commission (SEC) filed a case against Ripple on the 22nd of December 2020. Their charges are centred around an alleged $1.3 billion offering of what they have labelled an unregistered security. Boiled down to its component parts, the SEC argue that Ripple’s former CEO Christian Larsen and its current CEO Bradley Garlinghouse, raised money to finance their company’s growth. They did this via the sale and distribution of XRP tokens. This is the specificity on which the case is being fought.
The SEC claim that XRP is a security rather than a currency and is therefore subject to strict securities laws. In their statement announcing their charges, the SEC also stated “the complaint alleges that the defendants failed to register their offers and sales of XRP or satisfy any exemption from registration, in violation of the registration provisions of the federal securities laws.” The outcome of this case may have huge ramifications for cryptocurrency going forward, including the recently launched presale of Seesaw Protocol (SSW).
Ripple (XRP) vs The SEC
Brad Garlinghouse, CEO of Ripple, has repeatedly come out fighting on Twitter. He wrote:
“Today, the SEC voted to attack crypto. Chairman Jay Clayton – in his final act – is picking winners and trying to limit US innovation in the crypto industry to BTC and ETH. We know crypto and blockchain technologies aren’t going anywhere. Ripple has and will continue to use XRP because it is the best digital asset for payments. The SEC – out of step with other G20 countries & the rest of the US govt – should not be able to cherry-pick what innovation looks like (especially when their decision directly benefits China). Make no mistake, we are ready to fight and win – this battle is just beginning”.
This outburst, whether justified or not, speaks to the severity of the case as relates to XRP and its chance of future success. Much of the criticism on the side of Ripple has stemmed from the reasons for the SEC choosing XRP as opposed to Bitcoin or Ethereum. BTC and ETH are two larger and more successful entities that they argue have committed largely the same actions as Ripple themselves.
Lawyer for thousands of XRP holders, John Deaton, expanded on this, “it is the internal documents at the SEC, their documents on Bitcoin, their documents on Ethereum…the SEC has refused to turn any of these documents over. They’re claiming they’re privileged…even though they claim that they’ve never made an official declaration on Bitcoin or Ethereum.”
XRP and Seesaw Protocol (SSW) in 2022
The price of XRP has fluctuated throughout the ongoing court case. It started 2021 at $0.2198 and reached a high of $1.96. However, unusually for a cryptocurrency, this was nowhere near its all-time high of $3.84, which was reached in January 2018. Ripple’s proponents have strongly suggested that the price of XRP has been held back by the SEC’s court case, which makes sense to the outside observer. Who would make a big investment into a project being sued?
Should Ripple either defeat the SEC in court or reach a settlement, some say its price will explode. Extortionate figures have been suggested, from $3 to over $500. XRP’s much-discussed future usage as a potential world reserve currency does suggest massive potential.
Speaking of potential in 2022, Seesaw Protocol has just launched its presale. SSW will be a multi-chain bridge between blockchains, including Ethereum, Polygon, and Binance Smart Chain. This will be a boon to NFT holders, and the high gas fees that often accompany them, given that Seesaw Protocol allows users to find the lowest prices for their transactions.
In addition, Seesaw Protocol will encourage both stability and long term holding through an innovative buying and selling fee. It sees 3% of every purchase of SSW be shared amongst existing holders, and a 5% fee accompanying each sale. This 5% is paired with BNB and added as a liquidity pair to PancakeSwap.
For More on Seesaw Protocol:
- Presale: https://presale.seesawprotocol.io/register
- Website:https://seesawprotocol.io/
- Telegram:https://t.me/SEESAWPROTOCOL
- Twitter: https://twitter.com/SEESAWPROTOCOL
- Instagram:https://www.instagram.com/seesaw.protocol
