Ripple said in its latest Q1 2023 financial report that it expects the decision on the outcome of the lawsuit to come before the end of the year. Experts expect the new verdict for the SEC case to emerge very soon.
Critical decision is about to come out in Ripple-SEC case
The leading Silicon Valley tech company has provided an update on the SEC lawsuit that has been going on for more than two years. He highlighted the order dated March 6, 2023, issued by Judge Analisa Torres. The decision includes which SEC and Ripple expert opinions the court may consider in the summary decision.
Ripple also suggested that the court deleted the opinion of one of the SEC experts who testified about the expectations of XRP investors from the records. Likewise, the testimony of another SEC expert trying to determine what caused the shift in the XRP price was also deleted.
Members of the XRP community are eagerly awaiting Judge Torres’ summary judgment on the case. The dates that have emerged on the timing of the summary decision in recent weeks are as follows:
The summary decision was expected to appear on these dates.
The March 31 prediction of pro-XRP lawyer James K. Filan, who has been following the case closely, did not come true as many expected. CryptoLaw’s founding attorney, John Deaton, had predicted that the decision could come on or before May 6, 2023. Additionally, Ripple’s CEO predicts that the decision could come in the first half of 2023.
In its latest Q1 2023 financial report, Ripple says that it expects the summary judgment decision to arrive before the end of the year. However, the summary judgment claims that “timing is ultimately up to the court.”
Ripple Labs fires on SEC’s approach to crypto regulations
According to the blockchain company, the US continues to focus on regulation through sanctions rather than establishing clear rules for the crypto industry. He cites several examples where US regulators have opted for enforcement actions rather than adopting rulemaking. He pointed to the SEC issuing a Wells Notice to Ripple, Paxos, and Coinbase.
It also drew attention to the lawsuit filed by the CFTC against Binance and its CEO, CZ. The CFTC claimed that Binance and its CEO violated US trade and derivatives laws. Meanwhile, Ripple’s update on the SEC lawsuit comes a few hours before Garlinghouse claims the US is going backwards in terms of cryptocurrency regulations.
Ripple (XRP) has experienced serious selling pressure in the market after the SEC lawsuit in 2020. It lost double-digit value in a short time. Just a few days after the lawsuit announcement was made on December 22, 2020, the XRP price dropped by as much as 60%. Since then, the XRP price has been fluctuating. At the beginning of 2021, it started to partially recover. cryptocoin.com As a result of a lawsuit in favor of Ripple, we have included the levels that analysts expect in XRP price in this article.
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