Ripple, the San Francisco-based fintech company, has been embroiled in a legal battle with the US Securities and Exchange Commission (SEC) over the classification of its cryptocurrency, XRP.
However, a recent report suggests that Ripple has forced the SEC to admit that XRP is merely a software code and not an unregistered security.
What does the report say ?
XRP is a digital asset that serves as a bridge currency in Ripple’s payment protocol. It was launched in 2012 and has been in circulation ever since. However, in December 2020, the SEC filed a lawsuit against Ripple, alleging that the company had raised $1.3 billion through an unregistered securities offering by selling XRP to investors.
The lawsuit sent shockwaves through the cryptocurrency community, with many speculating that the SEC’s decision could have a profound impact on the industry as a whole. Ripple has vigorously defended itself against the allegations, arguing that XRP is not a security but rather a currency that
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