In December 2020, the SEC filed a lawsuit against Ripple Labs Inc, the creators of XRP, alleging that they had sold unregistered securities in the form of XRP tokens.
The SEC claimed that XRP is a security and should have been registered with the commission before being sold to investors. Ripple Labs disputed the claims, arguing that XRP is a digital currency, not a security.
The cryptocurrency industry has closely watched the case, as it could set a precedent for how other digital assets are classified and regulated by the SEC. The case outcome could also impact the growth and development of DeFi projects, as regulatory clarity is crucial for their adoption and mainstream use.
What’s happening now?
Legal counsel Stuart Alderoty predicted Judge Torres would issue a ruling on March 31.
John Deaton, an advocate for Ripple, recently notified the XRP Army that the verdict might not be issued for another two months. On Twitter, Deaton ranked the potential outcomes of the SEC vs. Ripple litigation from best to worst for the payment company.
Consistent increases in whale holdings for the alternative coin may be interpreted as bullish confirmation that large wallet investors are “buying the dip.” The whales believe the altcoin’s rebound and the successful culmination of the law case might drive its price to $0.70.
If Ripple were to win its case with the SEC, this could be accurate, but if it lost, it would lead to secondary sales for altcoin, which would have a devastating effect on XRP holders.
Visit The DigiToads Website
Is it time to pick another DeFi coin?
As the mystery persists, some people are thinking about switching to more secure cryptocurrencies that have a more steady chance of appreciating in value. For instance, the media and newsletters have been completely taken over by DigiToads, a recently released meme coin with play-to-earn capabilities, featuring some cool NFTs.
In addition to being utility-rich and offering numerous generous reward chances, the project has successfully passed the audit, has a doxxed team, and has garnered substantial investor confidence. A total of ten price increases will be implemented throughout the presale for this brand-new ERC20 token.
Based on projections made in the whitepaper, the price of TOADS is expected to increase by 450% during the presale. Tokens worth $460,000 were sold in the first few weeks of the presale, proving that many people saw the potential and rushed to fill their bags with TOADS when the price was lowest.
Closing thoughts
The SEC and XRP lawsuit highlights the importance of regulations of DeFi initiatives and the need for regulatory clarity in the cryptocurrency industry. The XRP army remains optimistic, but there are still a lot of unknowns that are making people lean toward safer investments.
For more information on DigiToads visit the website, join the presale or join the community
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