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He tweeted: "The SEC has lost 4 of its last 5 cases in the Supreme Court, thanks to the few that had the courage and resources to fight back against the SECs bullying and clinging to stretch legal positions that were not faithful to the law.". We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies. The argument from the cryptocurrency side is that unlike stocks, the ownership and operation of a network like Bitcoins is distributed and decentralized there is technically no single entity behind the project. The brief supported Ripples argument. From its mid-November year to date high of just under $0.80, XRP has plummeted as low as $0.1686 at one point. Deaton tells his 262,100 Twitter followers that the US crypto exchange will emerge victorious in the lawsuit seeking to compel the SEC to disclose whether it has accepted or denied a petition that Coinbase filed in 2022. NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Ripple CEO Reveals What Will Happen if SEC Wins Lawsuit This a very binary view or outlook, thus, as it makes total sense to look for where the Ethereum price is currently trading at. By 13 December 2022, the cryptocurrency was trading at $0.391, up 3.84% in the previous 24 hours. It also requested that any additional amicus briefs be handed in by 11 November 2022. Ripple wins It said: The SEC took no position on the brief, according to defence attorney James Filan. If Ripple wins the XRP lawsuit, then it will be able to continue operating as before. This means that we could be waiting for the final verdict for a while. And never one involving cryptocurrency security tokens. The tokens price then dropped to $0.32 on 9 November 2022. Although there have already been many SEC suits against various cryptocurrency projects, the suit against Ripple is a bit different. The judge overturned the SECs objection on 29 September 2022, after the commission claimed it was protected by deliberative process privilege. By suing sellers of XRP tokens after making public statements signaling that those transactions were lawful, the SEC has lost sight of this bedrock principle, wrote Coinbase and highlighted the fact that the SEC has been retroactively pursuing legal action against crypto projects, after initially standing idly by as multi-billion-dollar trading markets for these cryptocurrencies developed.. Top 5 AI Crypto Projects: Artificial Intelligence on the Blockchain! Capital Com is an execution-only service provider. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. An excerpt from the documents read: In reaction to the first glimpse of the Ripple court cases end, XRP rallied in September 2022. He has years of experience working in business and finance a burgeoning interest in Bitcoin and cryptocurrencies since 2017. William Hinman, a former SEC official, gave a speech in 2018 in which he expressed an opinion that cryptocurrencies that are decentralized and not controlled by their issuers cant be considered securities. In the case of Tezos and EOS, Armstrong pointed out that both companies caved in and paid their respective settlements.