Update on The Ripple vs. SEC Case As of May 29, 2023

The cryptocurrency community is eagerly anticipating the release of important documents related to the legal battle between the SEC and Ripple. People are discussing the case and the factors that will determine its outcome on social media.

Recently, it was revealed that Kylie Chiseul Kim, a lawyer from Ripple’s legal team, has decided to leave the case. This news has sparked speculation among the crypto community. Some believe that this development indicates that the case might be coming to an end, either through a settlement or a victory for one of the parties. However, others view it as a simple change of employment for the lawyer.

SEC’s double standards:

In a recent tweet on May 26, pro-Ripple lawyer John E. Deaton drew attention to a decision made by Federal Judge Sarah Netburn in July 2022. He highlighted that Judge Netburn had criticized the Securities and Exchange Commission (SEC) for its “hypocrisy” and stated that the agency’s lawyers did not demonstrate a strong commitment to upholding the law.

Also Read This Related: Ripple CEO Provides Update on SEC Case Conclusion Date and XRP’s Fate

According to him, SEC lawyers can deny all they want about the discoverability of the emails, but the fact is, if the SEC enforcement lawyers had been honest, these documents might not have been revealed on June 13. He was referring to a speech in 2018 by former SEC Division Director William Hinman, where he stated that Ethereum (ETH) was not considered a security.

Additionally, lawyer Bill Morgan emphasized that there are over 20,000 cryptocurrencies in existence, and when SEC chief Gary Gensler claims that all cryptos except Bitcoin are securities without thoroughly investigating most of them, it is a political statement rather than a legal statement.

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Furthermore, as he mentioned in his tweet on May 28, he stated that such statements are intentionally misleading and deceptive, aimed at creating confusion and uncertainty. It is noteworthy that SEC chair Gary Gensler did not make these claims in 2021 during his first year in office, but is now doing so due to his own personal agenda.

Indeed, as reminded by his legal news firm CryptoLaw, Ripple CEO Brad Garlinghouse previously expressed his belief that the SEC’s conduct, as revealed in the Hinman documents, would be shocking once the truth emerges.

Expected date of final outcome:

During an interview at the REDeFiNE TOMORROW 2023 virtual summit, Garlinghouse expressed his belief that the case against the SEC would reach a conclusion “in a few weeks, not months.” This comes after a recent court order regarding the contentious Hinman materials.

At the time of reporting, the XRP token, which is the subject of the lawsuit, was being traded at a price of $0.48. It had increased by 1.46% on the day and 3.65% over the previous week. On the monthly chart, it had a slight increase of 0.11%. This information is based on data collected on May 29.

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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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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