• Vikrant Mehra

Ripple v SEC

In late December 2020, the SEC announced that it had filed a suit against Ripple and two of its executives, alleging that XRP was an unregistered security, and not a digital commodity as the company claimed.

XRP prices tanked in response, dropping as low as ₹15.52 in the days following. Suddenly XRP holders were left with a rapidly devaluing asset, which they could not sell anywhere to offset their losses. The only choice remaining was to hold on and hope.

To many, the suit appears to be a result of the SEC over-interpreting its mandate. However, if they win - it will create a legal precedent, that will allow the SEC to almost unilaterally decided which blockchain projects will be allowed to operate.

You may be wondering why this matters. After all, we’re in India and the SEC has no jurisdiction here. But all eyes are on this case, as it may set a precedent for how crypto will be treated across the world. Especially in country where crypto regulation has been hotly debated in the past few months.

Curious about the case? I spent a day wading through heaps of legal jargon so you don't have to.

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