The Securities and Exchange Commission’s (SEC) lawsuit against Ripple LIQUID INDEX (NASDAQ: XRPLX) became famous, and an adequate amount of information was issued to the public. James K. Filan, the Defense Attorney, recently highlighted that the company appealed the Judge’s decision and served the SEC with the relevant opposition.
The Defense Attorney further revealed that the SEC demands that the company submit notes gathered by Matthew Estabrook, a former known SEC official.
During a statement issued by Filan, the attorney revealed that both Defendants filed their responses to the SEC’s application. The SEC based the application on partial Reconsideration and Clarification of the Judge’s decision. However, the Defendants strongly opposed the application and stated that the authority was out to waste the court’s time.
The targeted notes released to the public in January 2022
Following the original public filings conducted in 2012, and through another memo sent by the company to the authority, the Defendants have a convincing argument. The targeted tokens were not part of the Federal Security laws; thus, the authority merely issued advice to the company, strengthening their case.
In 2022, news spread that Elaid Roisman and Brad Garlinghouse conducted a meeting when the person in question, Estabrook, was preparing to leave the authority. The court documents alleged that before the meeting began, the company asked the authority to release Estabrook’s notes.
However, the authority alleged that the DPP declined to send the notes to the company, thus forcing Ripple to investigate because the notes were public protected, meaning that it was the public’s property.
Investors’ prediction on the company’s product prices following the lawsuit
As noted from the above revelations, the asset price for the Token is increasing in the grand scheme of the larger market. The Token is presently trading at $0.7655 and rose to 10.31%; however, it recently dropped by 1.87%, thus awarding it a market value of $36 billion.
If consumers’ desire to purchase Ripple’s tokens increases, the company shall continue to record success. As a result, investors predict that Ripple’s crypto value has the potential to increase before 2022 comes to a close.