Ripple’s ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC) has been a source of controversy in the crypto community. Now, Ripple’s XRP lawyer has admitted that the SEC has won the case, causing XRP to drop by three percent.
XRP Lawyer’s Admission
According to a recent report, Ripple’s XRP lawyer, James K. Filan, has publicly admitted that the SEC has won the lawsuit against Ripple. In a tweet, Filan stated that “the SEC has won. XRP is a security.” This admission has caused XRP’s price to drop by three percent, with many investors concerned about the future of the cryptocurrency.
Impact on Ripple and XRP
The admission by Ripple’s XRP lawyer has significant implications for the future of Ripple and XRP. As a security, XRP will be subject to strict regulations by the SEC, which could potentially limit its growth and adoption. Additionally, Ripple may be forced to pay fines or penalties for its alleged violations of securities laws.
What’s Next for Ripple and XRP?
It remains to be seen what the long-term impact of the SEC’s victory will be on Ripple and XRP. Ripple has stated that it plans to continue fighting the lawsuit, but it’s unclear what the outcome will be. In the short term, XRP’s price is likely to remain volatile as investors react to the news.
The admission by Ripple’s XRP lawyer that the SEC has won the ongoing lawsuit is a significant development in the case. XRP’s price has already dropped by three percent, and the long-term impact on Ripple and XRP remains unclear. As the case continues to unfold, investors will need to closely monitor developments and adjust their strategies accordingly.