For almost all conventional cryptocurrencies available on the market, 2020 was a great year. For most, 2021 looks very promising, but this is not the case with XRP.
The Securities and Exchange Commission (SEC) has officially accused Ripple Labs and two of its executives of selling more than $1 billion in unregistered securities. Now, former investors are suing the SEC. It appears that XRP holders do not approve of the token being labeled as a security by the SEC. As such, they are taking the government to court because of the damages they declare XRP a security cause them.
What does the petition involve?
XRP investors who filed this petition claim that the SEC is not doing its best to protect U.S. investors. These investors argue in the first point that declaring XRP a security is actually a disservice to the interests of investors. This result is the
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