11-08-2022 icon

Capitalists display heightened conviction for Ripples triumph over case with SEC

By Lucy Adegbe

New revealations relating to the Ripples and Securities and Exchange Commission (SEC) issue show that a growing number of capitalists seem to be more assured of XRP-backed investment products, as indicated by the records from CoinShares research chair, James Butterfill.

According to Butterfill’s recent virtual assets finance flow report posted on Monday, Ripples-backed venture products, within the past three weeks, have accumulated over $1.1 million in inflows.

The figures suggest that there is a growing conviction among capitalists as the Ripples vs SEC issue becomes quite delicate.

Ripple Labs have earned massive backing from major industry players like Coinbase and the Blockchain Association in the past weeks.

On November 4, legal adviser for the crypto solution software company Stuart Alderoty took to Twitter, stating that diverse firms, creators, trading protocols, retail traders as well as trade associations have sought to proffer assistance to reveal the SEC wrong in the ongoing case.

An estimated number of 12 autonomous organizations, including charity institution Choice Advocates Network and digital app SpendTheBits, are offering legal assistance to Ripples. 

Although there is an increase in support, and the two parties are requesting judgment without trial, the lawsuit is expected to last a couple of months, Ripples chair Brad Garlinghouse noted in s DC Fintech week last month.

The likes of digital currency attorney John Deaton still maintains that Ripples is more likely to triumph over the SEC. 

Nonetheless, a new declaration by the US court of appeal which supports the SEC over decentralized file sharing and trade network LBRY may toughen the lawsuit against Ripples.