XRP Lawsuit Summary Judgement Could Take Longer Than Usual; Here’s Why
The wait for Summary Judgement in the XRP lawsuit continues despite the positive developments in favor of Ripple.
Crypto Market News: The wait for Summary Judgement in the XRP lawsuit continues despite the positive developments in favor of Ripple in recent times. The U.S. Securities and Exchange Commission’s (SEC) argument fell short as Judge Analisa Torres, who is overseeing the lawsuit, denied the agency’s request to conceal the Hinman documents. Meanwhile, in March 2023, the judge delivered a ruling on either parties’ motions to preclude expert witness testimony. This was seen as a win for the Ripple XRP community as the ruling meant a neutral result for both Ripple and the SEC.
In a latest development, Ripple chief executive officer Brad Garlinghouse predicted that the XRP Vs SEC lawsuit could be concluded in a matter of few weeks. CoinGape reported that the CEO hinted at a resolution over the Hinman documents could lead to a judgment delivered in the coming weeks.
XRP Attorney: Good Luck On Summary Judgement Prediction
John Deaton, the lawyer who represents the more than 70,000 XRP token holders in the SEC lawsuit, indicated that it could take longer than expected for the Summary Judgement. On behalf of myself, I simply say to Brad Garlinghouse, good luck with that prediction, he said in a tweet in response to news of the prediction. Irrespective of the timeline of the lawsuit, the judgement could have life changing impact on the crypto market, as the result could be used as a reference for other crypto lawsuits in future.
The SEC had been targeting several crypto businesses over non-compliance with regulations, since the beginning of 2023. It is also expected that the agency would continue its ‘enforcement by action’ stance when it comes to crypto market compliance.
