The future of cryptocurrency and blockchain technology could well be decided by a lawsuit filed at the end of 2020.
On December 22, 2020, the SEC filed a lawsuit against Ripple Labs and two of its executives. The claim is that they traded $1.3 billion in their cryptocurrency XRP as a security without registering it with the SEC. Ripple and other parties have since countered with claims that the SEC is biased in its assessment.
As of right now, here is the current status of this lawsuit as well as a breakdown of each side of the argument.