A main reason for this is the lack of regulation in the crypto industry, and the people are all waiting for this lawsuit to provide much needed clarity to the crypto market in todays video. You will know that why this lawsuit is so important, not only for crypto but for the whole crypto market. You will also know about the need for crypto regulation and what the experts have said today about this. But before we start the video welcome back everyone to crypto millionaires, a channel where you get your daily dose of xrp. If you like, the content do give it a thumbs up and dont forget to subscribe to the channel and click the bell icon for more xrp news. Now lets get to the topic. The u.s securities and exchange commission sued ripple labs, incorporated and two of its executives on december 22, alleging that they offered and sold over 1.38 billion dollars in digital asset xrp, without registration or exemption in violation of section 5 of the securities act of 1933 and seeking Discouragement of ill gotten gains ripple won preliminary decision in federal court, including access to internal sec, information and protection from disclosure of its officials. Personal bank data holders of ripples, xrp cryptocurrency, which is at issue in the dispute, were granted permission to intervene in the case in april and recently ripple has buried the sec in paperwork. Whether or not the proceedings result in a victory for ripple and xrp.

The lawsuit is making progress in providing the regulation to the crypto market, drew hinks a lawyer at carlton fields, pa in miami who works on cryptocurrency matters said in an interview. Those wins, dont necessarily foreshadow a victory for ripple, but the case is on track to establish legal precedent for the secs authority over digital coin offerings. This is a significant case. Ripple has tremendous financial resources has assembled an incredible team of well respected lawyers and has one of the most high profile projects in the industry. This lawsuit is becoming important for the worldwide crypto market, because the cryptocurrency regulators throughout the world have begun a ruthless crackdown. The most important one, the china crypto crackdown, is causing the industry to go down trading cryptocurrencies token, issuance and derivatives for virtual currencies have all been declared illegal by the chinese authorities. The country has banned the cryptocurrency mining also because of the environmental factors. China was among the countries with the most crypto mining, and this ban has caused a loss to the market of trillions. Apart from this, south korea has also fined hundreds of exchanges for failing to register and has threatened to shut down the centralized companies entirely. Last month. The country had announced to ban 60 cryptocurrency exchanges, the lawsuit that on one side, will provide clarity to xrp and will take the price to new. All time highs, a victory in the court. Lawsuit will put the sec on the back foot when it comes to regulating cryptocurrencies, giving emerging businesses much needed breathing room during a recent future of digital assets.

Conference mark palmer, managing director, btig fintech and digital assets. Analyst said what was really interesting was the companies that were presenting were very much focused on what was going on from a regulatory perspective. They werent running away from the concept of being regulated or viewing that as being negative per se. In fact, it was quite the opposite. He further added if ripple prevails in this case, then i think the sec is going to have a more limited path forward with regard to regulation. If the sec wins, then theyre going to have more of an upper hand, roughly 84 blockchain and crypto companies attended the conference and they voiced concerns about the regulations imposed on cryptocurrencies. The crypto companies believed that ripples triumph would eliminate the uncertainties around their industry. The two trillion dollar crypto industries claimer often overshadows the fact that we are on the threshold of something new crypto and blockchain technology. If all goes well might bring in the next internet revolution. Things have taken a turn for the worst by forcing digital innovation outside and ceding advancements to other countries like china, the us risk eliminating this company in the united states. The reason for this is that u.s regulators, particularly those at the sec, are too oblivious to the dangers of their own irrational approach to overseeing an ascent and important technology. The current crypto trial of the century is going to provide the regulation that is needed to uplift. The company in the states, through the regulation, all compliant virtual assets, will gain maturity, stability and fungibility as a result of effective cryptocurrency regulation increasing their appeal to institutional and individual investors who will begin to see them as a legitimate, long term investment rather than a short Term speculative opportunity, this future is being threatened by the us regulators.

Actions against ripple and a win in this case will lead toward clarification. An attorney j carol cesar has said that the u.s securities and exchange commission chairman gary gentzler has an important opportunity to undo actions taken in the waning hours of the trump administration that threaten cryptocurrency innovation. The sec chairman, gary jenser, had issued a warning about the current situation of the cryptocurrency market during a recent interview at the code conference in beverly hills, gentler, never quite said that he intends to bring cryptocurrencies under sec regulation, but he came close. He asserted that crypto trading platforms are more likely to succeed if they submit to regulation under existing tax compliance, money laundering and insider trading laws. The billionaire mark cuban has also shared his views and said personally, i think regulation built around existing fraud. Laws is not a bad thing. It will require proof of authorship and identity, but it wont hurt innovation nor slow anything down. It will open a door for more people to confidently use crypto. The win for ripple in the lawsuit is very important for the crypto industry, but the sec is failing and trying to provide the regulation. Ripples chief executive officer, brad garlinghouse, expressed his dissatisfaction with the securities and exchange commissions lack of clarity on crypto regulation. He tweeted american innovation is on the line because of the secs refusal to provide a clear framework for crypto. Instead of working with the industry, the sec is using their meetings with companies as lead generation for their enforcement actions.

He also said in an interview with fox that i think there has been and continues to be, a lack of clarity, garlinghouse reiterated, emphasizing if we want this industry to thrive here in the united states, there needs to be clarity. He insisted that the sec chairman cannot continue to say, hey theres clarity, but then call on congress to write new laws to make it clear. Garlinghouse stressed that both things cant exist. The billionaire ceo, elon musk has also shared his view on the matter and said that the us government should avoid regulating cryptocurrencies, because their intervention could stifle growth. He said in a conference. It is not possible to, i think, destroy crypto, but it is possible for governments to slow down its advancement. I would say: do nothing just let it fly. The need for crypto regulation is getting stronger with every passing day. Different countries are banning the crypto, and this will cause a loss to the blooming industry. The much needed regulation can be provided as a result of the ripple victory. A victory for the payments company would be huge for the cryptocurrency ecosystem, as it would set a precedent for future ventures according to the coin market cap. At the time of writing, the xrp price today is one dollar four cents usd with a 24 hour trading volume of 3.1 billion dollars, usd xrp is down 1.38 in the last 24 hours. The current coin market cap ranking is number seven with a live market.

Cap of 48.5 billion dollars usd, it has a circulating supply of 46.7 billion xrp coins and a max supply of 100 billion xrp coins, so guys this is it for todays video. I hope it could be a big help to you.