Ripple had been up at arms with the United States Security & Exchanges Commission since December last year. The lawsuit was filed against the company for offering XRP offerings without any valid authentication and internally ripping off the firms’ investors.
The in and out-hustle through the courts has been met with a bout of relief, with the settlement figure agreed at $100 million. The settlement has been met on the grounds that Ripple halts all XRP offerings at the moment. If the firm decides to issue cryptocurrencies or other digital tokens in the future, they are dutifully obligated to inform the commission prior.
With that said, Ripple has a rather embarrassing duty to return all the funds US investors had put into the XRP token.
The Doomed Fate for the XRP
Ripple has remained the fourth most cryptocurrency token in coinmarketcap charts for the longest time. The US SEC dreams of completely taking it out of the market for the sole reason that it sold securities in an unregistered offering.
Had Ripple consulted with the SEC before launching the XRP, their venture’s outcomes would be so much positive that it is currently.
When news of the settlement and investor reimbursement broke, XRP die-hards took to Twitter with the hashtag #RelistXRP. It is sad to see their favorite token delisted, and they publicly expressed their disappointment with the turn of events.
The XRP army vows to continue with their protests until hopefully non-US crypto exchanges.
Intervene and relist the XRP token. The specific dates for the settlements that end the months-long court battle between the two bodies are yet to be disclosed.
Proper Regulation or Discrimination?
The crypto market is an upcoming industry, and that means it lacks appropriate regulations to govern it. The US SEC, in their rights, believes they are doing the proper thing to contain the market and establish accountability.
Ripple, on the contrary view, finds the commission playing favorites and distorting facts about their token. According to them, XRP does not function any differently from Bitcoin and Ethereum. They were unfairly bullied.
