“Ripple Lawsuit Takes New Turn with Release of Hinman Speech Files; Summary Judgment Awaited from Judge Torres”
The SEC lawsuit against Ripple Labs has witnessed a significant development with the public release of Hinman Speech-related files. Judge Analisa Torres now bears the responsibility of delivering the long-awaited Summary Judgment. The Hinman documents uncovered the SEC’s favorable stance towards Ethereum in comparison to other crypto tokens. Hinman highlighted that digital assets initially offered as securities could potentially transform into non-security assets. However, he explicitly named only Ethereum as not being a security, raising concerns among XRP holders who have been impacted by the Ripple lawsuit on similar grounds.
Following the motions filed by both parties regarding expert testimony, Judge Torres issued a ruling in March 2023. However, the eagerly anticipated Summary Judgment has been pending for over 100 days since then. This delay exceeds the average time taken by the judge in previous cases following Daubert rulings. As a result, expectations are high for the Summary Judgment in the Ripple lawsuit to be delivered imminently.
Also Read: Ripple Embraces MiCA Regulation Amid US Lawsuit’s Clarity Concerns
Anticipated Ripple XRP Victory Judgment Expected Prior to July 1, 2023
With the US Federal Reserve’s upcoming launch of the FedNow Service in July 2023, enabling instant payment services nationwide, attention has turned to the Ripple lawsuit judgment’s timing. Notably, three Ripple partnered banks, Finastra, Volante Technologies, and ACI Worldwide, are among the institutions onboarded for the July 1 launch.
This development has sparked curiosity within the crypto community, as they contemplate whether the judgment in the Ripple lawsuit needs to be delivered before the Fed Now launch to ensure legal compliance.
Also Read: XRP Lawsuit: Former SEC Lawyer Anticipates Ripple’s Potential Singular Victory
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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