The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has taken a new turn. Ripple has recently claimed that the SEC suffered a setback in the lawsuit, which could potentially lead to a favorable outcome for Ripple. Additionally, Ripple has predicted when the summary judgment in the case will be delivered.
Background on the SEC Lawsuit Against Ripple
The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that Ripple and its executives sold unregistered securities in the form of XRP tokens. The SEC claimed that Ripple raised $1.3 billion through unregistered sales of XRP, which is the third-largest cryptocurrency by market capitalization. Ripple has denied the allegations and has argued that XRP is not a security but a digital currency similar to Bitcoin and Ethereum.
Ripple’s Latest Claims
In a recent quarterly report, Ripple stated that the SEC had suffered a setback in the lawsuit. According to Ripple, the SEC failed to convince the court to provide it with internal documents from Ripple. The documents in question are reportedly related to Ripple’s legal advice on whether XRP is a security or not. Ripple claims that the documents would show that the company acted in good faith and did not intend to violate securities laws.
Ripple also predicted that the summary judgment in the case would be delivered in 2023 however the exact timing would be up to the courts. A summary judgment is a legal ruling that is issued by a judge before the case goes to trial. In this case, the summary judgment would determine whether XRP is a security or not. If the judge rules in favor of Ripple, the case would be dismissed. If the judge rules in favor of the SEC, the case would proceed to trial.
What This Means for Ripple and the Cryptocurrency Market
If Ripple’s claims are true, it could potentially lead to a favorable outcome for the company. The documents in question could provide evidence that Ripple acted in good faith and did not intentionally violate securities laws. Additionally, if the judge rules in favor of Ripple in the summary judgment, it would be a significant win for the cryptocurrency industry as a whole. It would establish legal precedent that XRP is not a security, which could lead to increased adoption of the cryptocurrency.
However, it is important to note that the outcome of the case is still uncertain. The judge could rule in favor of the SEC in the summary judgment, or the case could proceed to trial. Additionally, even if the judge rules in favor of Ripple, the SEC could still appeal the decision. The legal battle between Ripple and the SEC is likely to continue for some time, and it remains to be seen what the ultimate outcome will be.
In conclusion, Ripple’s claims that the SEC suffered a setback in the lawsuit and its prediction of when the summary judgment will be delivered are significant developments in the case. They could potentially lead to a favorable outcome for Ripple and establish legal precedent that XRP is not a security. However, the outcome of the case is still uncertain, and the legal battle between Ripple and the SEC is likely to continue for some time.
The post BREAKING: Ripple Says SEC Suffered Setback in XRP Lawsuit, Gives Prediction on Summary Judgement Timeline appeared first on The XRP Daily.
