- 16th July 2021
- Posted by: Hakeem
- Category: Crypto
XRP is enjoying some form of price stability as its parent company, Ripple notched up a small legal victory in its ongoing battle with U.S financial regulators.
On the FTX Exchange, XRP traded at $0.613412 with a daily trading volume of about $1.89 billion. XRP has posted yearly returns of about 211%.
U.S. District Court Judge, Sarah Netburn didn’t approve U.S. Securities and Exchange Commission’s motion to stamp out the deposition of the former director of the SEC’s Division of Corporation Finance, William Hinman, in a ruling in New York yesterday.
The sixth most valuable crypto asset presently has a circulating supply of 46 billion XRP coins and a maximum supply of 100 billion.
Recall some years ago, the former director of the SEC’s Division in a speech disclosed that the Ethereum network and its decentralized structure, current offers and sales of its tokens were not securities transactions.
Such deposition might give Ripple’s legal team some form of ammunition in claiming that the XRP token is not a security, with the fintech company possibly asking Hinman to testify about the rationality behind his decision on Ethereum in 2018, and then attempt to apply such argument to XRP.
The American-based company had earlier disclosed that U.S financial regulators can’t regulate XRP because, as a digital currency it is majorly used for international and domestic transactions, suggesting XRP has a medium of exchange and not a security.
The Securities and Exchange Commission on their part is suing Ripple’s co-founder, Christian Larsen and Chief Executive Officer, Bradley Garlinghouse for personally gaining about $600 million and further ignoring legal counsel that the crypto-asset could be considered an investment contract and therefore a security.