• Ripple Labs provided an update on its ongoing lawsuit with the United States Securities and Exchange Commission (SEC).
• Expert testimonies from both the SEC and Ripple have been struck from the record, and a summary judgment is eagerly awaited.
• Predictions for the summary judgment ruling range from May 6, 2023, to sometime within the first half of 2023.
Ripple Vs SEC Lawsuit Update
Ripple Labs has provided an update on its ongoing lawsuit with the United States Securities and Exchange Commission (SEC) over its remittance token XRP. The court has struck opinions of two SEC experts from the record, and predictions for the summary judgment ruling range from May 6, 2023, to sometime within the first half of 2023.
Striking Expert Testimonies
The March 6 order issued by Judge Analisa Torres determined which expert opinions from both parties would be considered during the summary judgment. One of these was an opinion on whether XRP purchasers had reasonable expectations when buying XRP; this opinion was removed from the record. Additionally, another expert’s testimony that attempted to determine cause-and-effect relationships between changes in XRP price was also struck. Cryptocurrency community members are awaiting Judge Torres’ summary judgement on this case.
Predictions for Summary Judgement Ruling
CryptoLaw founder attorney John Deaton recently predicted that it may arrive on or before May 6, 2023 while Ripple’s CEO speculates that it could be issued within the first half of 2023. Currently, Ripple expects it will come before year’s end but emphasizes that this timing is up to the court.
Implications of Ruling
The outcome of this case will have implications beyond just Ripple and XRP as crypto regulation is at stake here as well. A favorable ruling could provide more clarity regarding what tokens qualify as securities in jurisdictions around the world where similar cases are being fought in courts today or are likely to be fought in future years as cryptocurrency adoption continues to rise globally .
Conclusion
The ultimate decision rests with Judge Torres who must decide if XRP should be classified as a security under U.S law or not – a decision that could shape crypto regulation for years to come