Cathie Wood, founder and CEO of Ark Invest, an institutional Bitcoin whale, discussed the SEC and Ripple case at a recent Twitter meeting.
Cathie Wood predicts outcome of SEC and Ripple lawsuit
Ark Invest CEO focused on the outcome of the case, which has been going on with ups and downs for about three years. He said the SEC could be the losing party in the case. Wood offers no concrete proof of how Ripple will prevail. However, he thinks the appearance suggests a result in favor of the Blockchain company.
“It looks like the SEC may be on track to lose the Ripple case as well,” he said at the Twitter meeting, summarizing the recent losses the judges have taken in court.
XRP price rises 25% on a weekly basis with positive case trend
It is worth noting that the latest decisions in the legal battle appear to be in favor of Ripple. Ripple Chief Legal Officer Stuart Alderoty said that after Judge Analisa Torres’ decision regarding the Daubert motions, the company has gained more confidence with each decision.
Ripple has also recently sent letters citing court rulings from separate lawsuits supporting the fair notice defense. As recently reported, the SEC has finally responded to these letters. But experts noted that the response did little damage to Ripple’s arguments, especially regarding the judge’s statements in Voyager’s bankruptcy case.
As Ripple’s hand strengthens, the native token XRP rises to the top of the green board. The 6th largest crypto by market cap has gained over 15% in the last 24 hours. He keeps his weekly earnings above 25%.
The whales and individual are in a rush to pre-buy the news as the ongoing legal stalemate between the SEC-Ripple is expected to conclude by the end of March.
In 2020, the US regulator SEC accused Ripple and its executives of violating securities laws by selling XRP to finance their businesses. The SEC argues that Ripple should register XRP as a security. After a long time, the legal process between the SEC and Ripple is expected to be concluded soon.
Could we see a Bitcoin Spot ETF in June?
In this regard, Cathie Wood said that regulators have been inconsistent in approving Bitcoin ETF products, citing the testimony of the judges in the Grayscale case. Wood expects a positive decision for Grayscale, which he predicts will arrive in June. She said she had to choose between closing the SEC-approved Bitcoin futures product or approving the Grayscale spot ETF.
Wood’s company, Ark Invest, has filed twice for a Bitcoin spot ETF in partnership with 21Shares; In both cases, the SEC rejected the proposal, with the most recent rejections in January.
cryptocoin.com In this article, we have included the latest developments from the SEC-Ripple case, which extends to 2023. While not giving any concrete reasons, Cathie Wood thinks Ripple will be the winner of the lawsuit.
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