- As the Ripple lawsuit progresses, the release of the Hinman documents and a key ruling by Judge Analisa Torres have set the stage for a potentially significant Summary Judgement.
- The US Federal Reserve’s planned FedNow Service launch on July 1, 2023, involving three Ripple-partnered banks, raises speculation on whether the Ripple lawsuit judgement needs to be delivered beforehand to ensure legal compliance.
With the ongoing legal action against Ripple Labs by the U.S. Securities and Exchange Commission (SEC) reaching a significant turning point following the recent public unveiling of the Hinman Speech-related documents, all eyes are now on Judge Analisa Torres for the eagerly anticipated Summary Judgement. Essentially, the Hinman documents disclosed the SEC’s partiality towards Ethereum relative to other cryptocurrencies. Hinman contended that digital assets initially offered as securities can evolve into non-securities, yet he identified only Ethereum as non-security, while XRP holders are still grappling with the Ripple lawsuit based on the same premise.
In March 2023, a ruling was issued by Judge Torres on the motions submitted by both parties to eliminate expert testimony. Over 100 days have passed since the March ruling, and the Summary Judgement remains pending. This protracted delay exceeds the average time span Judge Torres has taken from Daubert rulings in previous cases, indicating that the Summary Judgement in the Ripple lawsuit could be imminent.
Interestingly, the US Federal Reserve has proclaimed the commencement of the FedNow Service operations in July 2023. This service will enable instant payment services provided by financial institutions across the United States, functioning 24/7, 365 days a year. Notably, among the banks enlisted for the July 1 launch are three Ripple-partnered banks: Finastra, Volante Technologies, and ACI Worldwide.
This information has incited speculation within the crypto community whether the final Ripple lawsuit judgement must be delivered prior to the launch of the FedNow service to ensure full legal compliance.
The unfolding of these events suggests a confluence of circumstances that could potentially make July 1, 2023, a pivotal date in the resolution of Ripple’s legal battle with the SEC. As the crypto industry watches on, the significance of this day could extend far beyond Ripple, influencing the regulatory landscape for other digital assets.
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