According to reports, Ripple accumulated funds since 2013 by liquidating a virtual asset known as XRP in unauthorized security provided to customers in the United States and globally.
In the recent past, as the events unfolded, the exchange platform fought its legal disputes and presented a convincing argument to the federal courts. The Securities and Exchange Commission also developed its case. Currently, the whole world is awaiting the court’s final verdict.
Ripple Stands a Stronger Chance
Mr. Huber, an XRP advocate, piloted a poll to request the digital community for its comment on whether the company’s evidence and defense are stronger than the Securities and Exchange Commission’s allegations and indictments.
More than ninety percent favored Ripple’s evidence and defense and believed the company might eventually win after all these disputes. In contrast, the minority of the group had faith in the SEC’s victory over the company.
In response to the poll’s results, Bill Morgan, the cryptocurrency enthusiast, and lawyer, has faith in the court’s ruling in favor of the company; on the other hand, he slightly believes that the Securities and Exchange Commission’s evidence might also appear to be compelling.
John E. Deaton, founder of cryptolaw and one of the company’s defense team members, strongly believes that the Securities and Exchange Commission may lose by not sticking to a particular transactional method and stirring the waters meanwhile XRP itself, demonstrating a capitalization contract.
SEC Recent Activities
Last month, the United States Securities and Exchange Commission indicted Terra Labs co-founder, Do Kwon, claiming that the perpetrator allegedly deceived customers and traders. The agency also purported that the suspect sold and marketed unauthorized securities.
The lawsuit comprised several allegations and charges, including fraud, conspiracy, and money laundering against Do Kwon from private entities, South Korean authorities, and regulating securities worldwide.
Following the collapse of many major crypto exchanges and the decentralized nature of the industry, these events have demanded that securities regulators worldwide develop stronger crypto guidelines and regulations.
Several policymakers in the United States have advocated for a total ban on virtual and digital assets and excluded them from traditional financial institutions, giving examples of failures like FTX, 3AC, and Terra labs.
Terra Labs, a blockchain company, is the basis of the ongoing investigations by the Singapore authorities following the company’s massive collapse in May of the previous year, according to information disclosed by Bloomberg today.
The authorities announced that investigations have started concerning Terraform Labs and reported ongoing investigations. The agencies plan to carry out an exhaustive search for the person or factors behind its collapse.
A local official revealed that Do Kwon was not in Singapore during the press release. As a result, the company’s co-founder’s whereabouts remain a mystery to the crypto family and the local authorities. In the beginning, reports suggested that Do Kwon was based in Singapore when the collapse of the company was witnessed in May.
Afterward, it was speculated that Do Kwon fled the territory and moved to Serbia. However, the suspect was active on Twitter and appeared in virtual interviews, but the exact location remains uncertain.
The international police issued a red notice and warranted his capture, stating that the suspect was a fugitive in almost two hundred countries worldwide.