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The US Securities and Exchange Commission (SEC) seems to be intensifying its <a href="https://news.todayq.com/sec-vs-ripple-a-crucial-battle-crypto-industry/" rel="noopener noreferrer nofollow">legal battle</a> against the Ripple Labs. In its fresh move, the SEC targeted the blockchain firm’s proposed stablecoin in its latest court filing.&nbsp; Is Ripple in trouble again? 
As reported, the commission in its redacted remedies reply brief submitted on May 7 referred to Ripple’s upcoming token as an “unregistered crypto asset.” However, the SEC’s filing did not explicitly mention the term “stablecoin.”
It is important to note that, the commission went on to cite Ripple’s press release from April 4 instead of directly naming it. The blockchain company had announced its intention to launch a dollar pegged digital asset. This gets interesting here as Ripple didn’t provide further details about the stablecoin till now.
The commission is arguing that Ripple’s proposal for launching stablecoin is clear evidence of the intent of the firm to continue working in unregulated activities if a permanent injunction is not granted.
The regulator mentioned that the courts readily issue injunctions in such cases. This is due to the higher likelihood of repetition. As reported, the SEC asserts that Ripple’s primary business has historically involved unregistered institutional sales of XRP. The watchdog has alleged that it will persist if an injunction is not enforced. Wassup with XRP 
The long running lawsuit has already affected Ripple’s native crypto, XRP, growth in the emerging crypto space. XRP price is down by 15% on the year to date (YTD) basis. It had struggled to keep up while cryptos like Bitcoin (BTC) and Ethereum (ETH) have gained by more than 47% and 33%, respectively, in the same period.
XRP saw some gains over the past 7 days as it added over 6% rallying with the recovery rally. However, it’s price dropped by another 2% in the last 24 hours. XRP is trading at an average price of $0.52, at the press time. It is still down by 86% from its all time high (ATH) of $3.84 recorded on Jan 4, 2018.
Its 24 hour trading volume is down by 34% to stand at $1.15 billion. XRP is holding a market cap of around $29 billion.
Ripple’s venture into the stablecoin market comes in as Bitcoin reaches record highs. The surge was driven by regulatory approvals for new stock market funds investing directly in BTC. However, Ripple faces a legal challenge from the SEC, which seeks $2 billion in penalties for allegedly selling unregistered securities. Despite the ongoing legal battle, Ripple remains committed to challenging the SEC’s claims in court.

SEC targets Ripple’s proposed stablecoin in XRP legal battle

Todayq News

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