The lawsuit between Ripple and the SEC is in full swing. As we reported on Kriptokoin.com, many people are guessing that the case is nearing its end. However, there is a new development in the case. The parties request Judge Torres to set a date of January 4, 2023 for non-parties to request the sealing of portions of summary judgment material. Also, while the lawsuit continues, cryptocurrency whales continue to accumulate Ripple (XRP). Here are the details…
Ripple and SEC want court to set a date
Ripple and the SEC have requested that the court set a deadline by which non-parties in the pending litigation must act to seal any portion of the summary judgment materials. Both the SEC and Ripple want US federal judge Analisa Torres to set January 4, 2023, as the deadline. Before filing the omnibus motion to seal on December 22, the SEC and Ripple said they would notify all non-parties whose confidential information was included in the summary decision materials. The motion will give non-parties sufficient time to request that any summary decision documents containing confidential information be stamped and redacted.
The move comes days after the parties made their summary decisions. Both sides asked the court to decide in their favor. Judge Torres is expected to rule on the legality of XRP soon to determine whether XRP is a security. At this time, there is no specific date when Judge Torres is expected to make his decision on the matter. Interestingly, Filan expects the Judge to rule on the case on or before March 31, 2023. However, in order to determine the deadline, the parties included the following words in the letter they submitted to the court:
In view of the parties’ desire for a speedy resolution of all sealing-related issues regarding summary decision materials, the parties are required to waive the court’s objections to the non-parties’ act to seal parts of the summary decision materials or to the court’s final decision on the parties’ applications for sealing. They respectfully request that he set the date.
Whales’ interest in XRP continues
The popularity of Ripple (XRP) in the cryptocurrency markets continues to increase. It has managed to maintain its position among the top 10 altcoins even as the SEC lawsuit continues. One of the factors that provides this is the interest of whales in XRP. Cryptocurrency whales continue to accumulate XRP. The biggest reason whales are accumulating XRP is because they think Ripple (XRP) will win the case against the SEC.
Many countries around the world have focused on launching a central bank digital currency (CBDC). XRP has come to the fore in this area. While many crypto investors are against governments, Ripple always tries to act in partnership with the rulers. This is something that underpins the company’s technology in CBDCs. Also, according to Brad Garlinghouse, Ripple’s CEO, the company has always had the goal of working with governments and regulators. However, the entrepreneur said he believes his company can be used to benefit and spread technologies.
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