Ripple: new crypto support comes to shake up the lawsuit against the SEC

Ripple sees a new backer get involved in the lawsuit against him against the SEC. Something to disrupt the established order again.

Ripple put in a strong position?

Ripple seems to have nothing to fear from the SEC anymore. Meanwhile, the crypto business has managed to take over Hinman paper, acquiring a decisive element in this affair, the supremacy of American authority over it appears to have been completely overturned. While the judgment is the subject of all speculationthe arrival of a new party within the latter again disrupts the order established by the SEC.

In one communicate published last Friday, the Blockchain Association, which represents major crypto companies in the United States, announced that it was intervening in the matter. Like the company I-Remit which had testified in favor of Ripple and challenge all the arguments of the SEC, the association decided to express itself in turn. In addition to protection for Ripple, the latter hopes to give a big punch to the US authority, whose ways it challenges. According to her, the SEC’s repeated attacks are a real abuse of power that must be stopped as soon as possible.

By haphazardly applying these outdated standards to modern and innovative technology, the SEC continues its “regulation by enforcement” scheme, punishing crypto firms with little justification or warning. […] The SEC must follow the law, it cannot impose its draconian vision on the entire ecosystem cryptography through an enforcement action.

Excerpt from remarks by Kristin Smith, director of the Blockchain Association

So far, the arguments to be addressed during the Blockchain Association’s testimony have not yet been revealed. As for the SEC’s reaction to the protection provided by I-Remit, it is still pending. Therefore, the crypto sphere still lives in fear of possible additional threats, although the US authority, which has not spoken for several weeks, seems to be finishing the counterattack.

Either way, support continues to grow for Ripple and many players believe that a victory against the SEC is a must for the crypto. Indeed, this would force the US authority to drop charges against the industry preventing it from suppressing it. According to attorneys Curt Lewey and JW Verret, that’s the case which would be privileged at the moment for the conclusion of the trial.

Source: CryptoLaw Twitter account

Meanwhile, XRP continues to look gray

As industry giants continue to challenge the SEC, the XRP token continues to evolve based on the court’s latest progress. The currency had already collapsed following the scare caused by the Hinman paper buying and, pending a verdict, failed to regain an uptrend. On the contrary, XRP appears stagnate for about ten days, without being able to overcome the resistance that fixes it.

Despite this, many members of the Ripple community continue to speculate on its value, predicting a bright future for XRP in the coming weeks. Indeed, the prospect of a successful trial and an auspicious month of November generates many strange predictions. However, it is not recommended to take them at face value as anything can still happen, between another crypto crash or a surprise in the Ripple trial. Therefore, speculation fans will have to wait if they want to see a confirmed bullish pattern.

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