[공감신문] Reporter Seung-jin Yoon = The current state of Ripple’s lawsuit is a hot topic every day, and attention is focused on it.
◆ What is Ripple (XRP)?
‘Ripple’ is the top cryptocurrency that is being discussed along with Bitcoin and Ethereum, and its official name is ‘XRP’.
The advantage that differentiates it from other coins is that the international payment speed is regarding 2 seconds faster and the frequency of financial accidents during remittance is remarkably low.
◆ Significance of the lawsuit
In December 2020, the US Securities and Exchange Commission (SEC) filed a lawsuit once morest Ripple Labs, and related issues have become the center of attention among cryptocurrency investors.
The SEC decided that XRP was subject to regulation and filed a lawsuit, and there is a strong possibility that the judgment result will affect the future direction of regulation of the cryptocurrency market.
◆ Reason for litigation
The SEC took issue with the fact that XRP met the criteria for a security but was not registered as a security. It was determined that the issuance of unregistered securities violated the Securities Act.
XRP issuer Ripple Labs denies this.
In a nutshell, a lawsuit is underway to determine whether XRP is a coin or a security.
◆ What is the current situation?
According to CoinDesk US on the 18th, it was reported that the SEC and Ripple Labs Judge Analyssa Torres, a judge in charge of the Southern District of New York, had requested an abbreviated verdict not to prolong the trial.
In addition, on the 19th, there was news that Ripple Labs CEO Brad Garlinghouse had a meeting with Caroline Pam, a member of the Commodity Futures Trading Commission (CFTC) of the United States. There are speculations that this may not be the case.
Meanwhile, according to the existing schedule, the official trial will be held in November and the judgment will be finalized in December.
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