Bloomberg Intelligence analyst Elliott Z. Stein, in a program with Laura Shin on the “Unchained” podcast, Ripple (XRP) He commented on the ongoing legal battle between the U.S. and the U.S. Securities and Exchange Commission (SEC).
Stein Expects Development in Ripple-SEC Case in First Half of the Year
Stein said he expects a decision on summary resolutions to be made in the first half of this year.
Stein noted that the Ripple case is particularly notable as it concerns a utility digital asset that weighs in favor of these assets being commodities.
However, the SEC claimed that Ripple is marketing XRP tokens as investments, and buyers are also acting in this direction, hoping that the price of the asset will rise. This creates a complex legal issue that is the subject of intense litigation.
Stein said, “So this is all cryptocurrency “It’s a really interesting case for the industry and I think we can get a decision on summary resolutions in the first half of this year.”
Judge Analisa Torres recently passed a new ruling in the case that barred the SEC’s vital expert witness from testifying. Patrick Doody, hired by the SEC to examine the prospects of token buyers, was barred from testifying by Judge Torres in response to Ripple’s request.
The Securities and Exchange Commission (SEC) took legal action against Ripple, as well as the company’s top executives, in December 2020. The lawsuit alleges that the company and its directors violated US securities laws by selling securities without permission.
Garlinghouse stated that he expects the case to be decided in 2023.
*Not investment advice.
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