Ripple Gains Major Advantage In SEC Case

The defendant, Ripple, gained a significant advantage at the most recent hearing for the SEC’s complaint against it since 16 companies that had asked the court to grant them permission to assist the court and ultimately influence the verdict now have that opportunity.

The Chamber of Digital Commerce, the first organization to support Ripple, is one of those whose request to submit a brief has been approved. 

Others include Coinbase, Blockchain Association, TapJets, I-Remit, I-CAN, Spend-the-Bits, Deaton, CCI, Valhalla Capital, Cryptillian Payment Systems, VeriDAO, Reaper Financial, Accredify (DBA InvestReady), New Sports Economy Institute, and Paradigm Operations.

The judge has given the aforementioned businesses till November 18th to file their briefs. By being the first to submit an amicus brief in support of Ripple formally, Coinbase appears to have seized the initiative. On October 31, the American cryptocurrency exchange submitted its application.

Following a report from American-based Fox News on November 14th indicating that a settlement was anticipated at the hearing scheduled for November 15, rumors of a potential settlement between the wall street regulator and Ripple began to circulate.

According to Fox reporter Eleanor Terrett,

I know you’re expecting a settlement in the Securities and Exchange Commission and Ripple lawsuit tomorrow.

Later, the news was revealed to be false by Ripple Labs, according to Charles Gasparino, a senior correspondent at Fox Business Network.

Nevertheless, XRP was up nearly 12% over the previous 24 hours and was trading at $0.3793. However, a large portion of this increase was probably brought on by the untrue rumor that the SEC and Ripple might have reached a settlement at today’s hearing.

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The daily trading volume of XRP has increased by 50%, demonstrating how traders rushed to purchase the token in anticipation of a settlement.

Data from CoinMarketCap shows that XRP had a market capitalization of slightly more than $19 billion and a $2.3 billion 24-hour trading volume.

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