XRP, created by Ripple, is a digital currency that is traded in the cryptocurrency markets. However, the US Securities and Exchange Commission (SEC) has filed a lawsuit against Ripple, alleging that the company sold XRP tokens as an unregistered security. This lawsuit has been ongoing for two years and a decision was expected to be announced this week. However, the decision has been delayed, causing concern in the community.
According to John Deaton, who is a lawyer for XRP, the judge is under significant pressure to make a fair decision for Ripple. Deaton had previously informed the community that the decision would not be as easy as expected and that patience is needed. The delay is believed to be due to the complexity of the case and the need for the judge to take more time to reach a fair conclusion.
Ripple is attempting to dismiss the case and claims that XRP coins were not sold as securities. The SEC, on the other hand, alleges that Ripple made $1.3 billion from XRP sales, which were classified as unregistered securities.
The case was filed in December 2020 and has since been subject to many delays. The SEC accuses Ripple of not regulating XRP sales as securities and not warning investors.
The XRP case is ongoing, and the delay in the decision has caused concern in the community. The XRP lawyer has stated that the judge needs more time to make a fair decision. Ripple is fighting for the case to be dismissed, claiming that XRP tokens were not sold as securities.