Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
2021 was an eventful year for the crypto community, especially for XRP holders given the SEC vs Ripple lawsuit took several bittersweet turns during these past 12 months. While on one hand the XRP community was aggravated by the SEC’s white lies and prejudice, on the other hand the community saw global support, eventually making the XRP lawsuit one of most historical cases in the decentralised industry. The next update in the XRP lawsuit will come latest by January 19, 2022 as that is the extended deadline for Expert discovery in the case.
Changed scope of DPP gravitates the lawsuit in SEC’s favour
While the entire crypto community is awaiting for the upcoming hearings, the case has rooted out with inclusion of more related cases. For instance, the scope of Deliberative Process Privilege (DPP) changed for the XRP lawsuit upon the Second Circuit’s verdict in the case of Natural Resources Defense Council v. EPA (NRDC). The NRDC case’s verdict restructured the scope of DPP, further gravitating the XRP lawsuit in favour of the SEC, particularly over the documents submitted for in camera review.
After the NRDC decision, SEC argued that it is not mandated to connect its records to a “single, discrete decision” to seek protection under DPP, specifically referring to the three in-camera review documents. Rather, the SEC had the right to identify a broader “decisionmaking process” to which the records relate, instead of limiting it to an identified decision. While this left the XRP community with lost hope, another lawsuit against the SEC reverted XRP’s upper hand in the case.
FOIA compliant could unveil SEC’s allegedly illegal market manipulation
Earlier this month, the nonprofit organisation, Empower Oversight filed a Freedom of Information Act (FOIA) complaint against the SEC in regards with its potentially illegal market manipulation to hike Ether and Bitcoin, while slashing the price for XRP with a lawsuit.
SEC’s bias and allegedly illicit role in Ether’s exponential price hike is common news to the crypto community. However, the latest FOIA Complaint against the SEC presented the court with considerable proof to at least begin active investigation into the commission’s long-standing market manipulations.
It revealed the chronological trail of SEC and it’s official’s reportedly illicit actions, including eminent names like the former SEC Chairman, Jay Clayton, the ex-leader of the SEC Enforcement Division, Marc Berger, along with the controversial William Hinman. Further unfolding of this FOIA case could lead Ripple towards a win and finally free XRP.
XRP could see substantial hike in 2022
XRP may have faced unfair regulatory crackdown, however the token continued to grow despite it throughout 2021, which is exactly the trend XRP aims to follow in 2022. During the last month of 2021, most tokens suffered a short bear including XRP. However, XRP’s chart displayed a cup and handle pattern, which could initiate a bullish reversal for the Ripple coin entering the new year. Furthermore, if Ripple wins the XRP lawsuit then the coin’s price may even touch double digits. So, the community is entering 2022 with sheer hope and confidence in Ripple and XRP.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.