XRP has been in trouble for quite a while now. The cryptocurrency has been allegedly selling its token as an unregistered security. SEC claims that they don’t consider XRP as an asset as it was generated and distributed in a centralized manner. On the other hand, XRP has been trying to defend their case by fighting against the lawsuit. And now a major development has happened in the same. The judge of the case Sarah Netburn has given XRP permission to question the former SEC director Willian Hinman.
The big deposition
XRP can get a solid upper hand over questioning Mr Hinman’s deposition. The SEC has been delaying the same for quite a while now saying that XRP has no reason to conduct the questioning. But now the SEC stance of not allowing the questioning has been overruled by the judge of the case. Initially, the questioning of Willian was scheduled to happen on 30th June. And this was yet delayed by the SEC. But now the deposition is set to happen on 19th July.
According to XRP, the questioning might help them get an insight regarding the internal communication of the SEC about digital assets. The same director said ETH is not a security in 2018 but is calling XRP one which shows there is a flaw in judgement. And XRPs goal is to convince the judge to give the same regulatory status to them as Bitcoin and Ethereum. But the SEC argued that the speech where Willian said Ethereum is not a security was his own point of view and not the SEC.
Toll on XRP
XRP is a very strong coin but the price of the currency has taken a serious hit due to the case. At present, the price of the token is even below $1 where the ATH has been at $2. And it has continuously consolidating no matter how the market is moving. As XRP is set to question the former SEC director we might see the token perform well if they are able to squeeze out valuable intel from the deposition. I personally think that once the lawsuit is over XRP will reach new highs.
What are your thoughts on the victory of XRP over the SEC on demanding deposition permission? And do you think the questioning will be useful? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.