Advertisement

Advertisement

It may be difficult for Ripple to find support in its upcoming lawsuit against the SEC...

It may be difficult for Ripple to find support in its upcoming lawsuit against the SEC...

Quick take

1 minute read

  • It seems that despite having a big community surrounding it, Ripple is not going to have the support of companies within the crypto industry.
  • The securities and exchange commission in the United States recently slapped a lawsuit against the San Francisco-based company over its XRP token.

It seems that despite having a big community surrounding it, Ripple is not going to have the support of some companies within the crypto industry.

The securities and exchange commission in the United States recently slapped a lawsuit against the San Francisco-based company over its XRP token.

Despite the fact that the company has very much argued its side, it doesn’t seem to be receiving any support from other companies within the space. Jerry Brito, the executive director of Coin Center highlighted earlier this week that his organisation won’t be on Ripple's side as it goes to fight the SEC.

A crypto enthusiast posed a question on Twitter to which Jerry responded with:

The San Francisco based company has been at war with the securities commission for many years in regards to whether its token should be classed as a security. The company has tried to move away from the token in the past but given that it holds such a big portion of the overall token supply, this is a lot easier said than done.

As a little bit of background on Coin Center, it is a non-profit research group that supports the development of public policy friendly to crypto.

The coming lawsuit against the company from the SEC was revealed by the Ripple CEO, Brad Garlinghouse who said on Twitter that the SEC has “voted to attack crypto“.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

You can share this post!

Advertisement