The SEC filed a lawsuit against Ripple Labs Inc. (the company behind the digital token XRP) for allegedly unregistered securities sales.
The case in question has been on the agenda of the crypto industry for a while and it is a great curiosity how the process will progress. We continue to share all the developments and discussions on the case since the beginning. Since it is a legal process, we can say that expert opinions become more pronounced.
While the discussions on the case continue, Tuncay Yıldıran, Board Member of ICRYPEX, one of the local crypto exchanges, and Former CMB Department Head, expressed his thoughts on the issue in a YouTube video. Moderated by ICRYPEX Research Director Beste Naz Süllü, the most striking part of the video was the details of the big development that will take place on Monday. As is known, Monday, February 22nd, was set as the date for the preliminary hearing of the case. Tuncay Yıldıran “What should we expect from this session?” He gave the following answer to his question:
“There are a few points in the amended criminal complaint. […] Ripple has very serious claims in the joint letter. […] Ripple made the following request to the court: take a summary decision before bringing this case to the jury. […] In fact, it is likely that the court will not make a decision on Monday. Because there are one or two more elements requested in the joint letter. ”
According to Yıldıran, the first of these elements is Ripple’s 2 legal opinions in 2013. In these views, concerns were expressed about XRP being a security. At this point, the SEC is trying to access this information, but Ripple does not share it for privacy reasons. On Monday, the court can make an improvement on this matter.
As another request in the joint letter, the SEC wants to increase its legal right to take 10 statements to 15. Similarly, this is one of the issues Ripple objects to. The court is expected to make a decision at this point. Tuncay Yıldıran added the following about this part:
“In fact, we should look at Monday’s case in our legal system as” the court decision on whether or not to open a lawsuit “. […] Because: in the joint letter, there is a decision taken by the parties to submit all evidence and documents in their possession to the court until August 16, 2021. […] Nothing will actually change on Monday. ”
In summary, it is expected to make a decision about the demands in the preliminary hearing tomorrow. However, as it is seen as a big development, it will not be surprising that the price of XRP will move in. It is a great curiosity in which direction the price will affect. You can find the whole video here.