For now, the 10,000 XRP holders have gotten the seat at the Ripple Labs case as third-party defendants under John Deaton’s representation. The #RelistXRP movement is gaining traction, and SEC is losing one after another motion on the case. Since the iron is hot, Ripple labs executives took the plunge and struck SEC with another motion. The agency made an unorthodox move in December to turn the top brass of an organization into defendants.
In a previous important development, Magistrate Judge, Sarah Netburn, dismissed the motion by SEC prosecution to be granted access to the personal financial records of Ripple executives Chris Larson and Brad Garlinghouse. The chances for the approval of the twin dismissal motion are high considering the current status of the case.
What is Next for Ripple Labs and XRP?
It may seem that the Ripple Labs case has near its drop scene, but the case could lengthen further. At the moment, XRP has been able to reclaim its position as the 4th highest-ranking digital token, but it is far away from its ATH record of $3. Larson’s lawyer told the media that the SEC could not stretch the case any further and ask for monetary relief on account of the statute of limitations.
However, the presiding Judge, Analisa Torres, has granted SEC time till May 14th to file its documents in response to the motion to dismiss. From their onward, the defendants would have a leave of another month to submit their reply by June 4th. Meanwhile, SEC is taking pains to win a case of a similar nature against LBR Inc. that could affect the outcome of Ripple Labs as well.
Bank of America Survey Claims that Bitcoin is in a Bubble
Bank of America CIO Michael Harnett said in January that Bitcoin is the mother of all bubbles. At that time, the flagship cryptocurrency was trading for $40K. The Bank of America also released a report to derail the leading coin and highlighted the blockchain currency’s loopholes as a store of value. The report further went on to denounce Bitcoin as a mere tool for speculation.
The negative campaign pointed at scathing the first born-digital currency continues. Now Bank of America has issued a survey claiming the 74% of the participants think that Bitcoin is in a bubble. As per the survey results, only 16% of the participants oppose the notion, while 10% are not sure about their position. Presently, Bitcoin has registered a new ATH of $63,275 and expected to keep rushing owing to the Coinbase historical public listing.
