Updates on the Securities & Exchange Commission and XRP Lawsuit
ONTARIO, Canada – The Securities and Exchange Commission and Ripple Labs continue their battle, but it seems that things will come to a resolution before the year ends. Previously, March 2023 was the date people were eyeing for a resolution, but with the recent updates, it will come very soon.
According to John Deaton, the attorney representing Ripple Labs, the case might end by August of this year. It is most likely that there will be a ruling by trial instead of a settlement.
None of the two parties wants to have a settlement. Ripple has been through many expenses and legal fees since this case started, so it wants the SEC to shoulder those hefty fees. Apart from that, Ripple holds strong evidence that the SEC requested to be thrown out. However, the judge handling this lawsuit found the evidence admissible in court, so the SEC petition was declined.
What XRP is holding on to is the statement of William Hinman, a former SEC director who said that cryptocurrencies are not securities, which the SEC is suing Ripple Labs for. You might say that it contradicts the root of the lawsuit, and it is precisely why the SEC petitioned for it not to be used in court, stating that Hinman was speaking as one not of the SEC anymore. Otherwise, the SEC would risk its reputation by being a complainant who does not know what they want.
This evidence is also what the experts are looking at when they say that odds favour Ripple. This case may also open doors to have proper ruling regarding securities and regulations, not just for XRP but also for the entire cryptocurrency industry.