With the ongoing U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs taking a new turn via the recent release of Hinman Speech-related files, the crypto community eagerly anticipates the forthcoming Summary Judgement by Judge Analisa Torres. The Hinman documents highlighted the SEC’s preference for Ethereum over other crypto tokens. Hinman maintained that digital assets offered as securities can eventually transform into non-security assets; however, he specifically named Ethereum as not being a security. This distinction has left XRP holders unfairly impacted by the Ripple lawsuit, which is based on the same argument.
In March 2023, Judge Torres ruled on motions filed by both parties to exclude expert testimony. The crypto community has been waiting for over 100 days since the March ruling for the Summary Judgement, a delay that exceeds Judge Torres’ average time taken from Daubert rulings in previous cases. Consequently, the Summary Judgement in the Ripple lawsuit could be announced at any moment.
The timing of the judgement has piqued the interest of many, given the looming launch of the US Federal Reserve‘s FedNow Service in July 2023. This service will provide instant payment services by financial institutions across the United States, 24/7 and throughout the year. Notably, three Ripple partnered banks are part of the FedNow launch scheduled for July 1: Finastra, Volante Technologies, and ACI Worldwide. As a result, observers speculate whether the Ripple lawsuit judgement must be delivered before the FedNow launch to ensure legal compliance.
While the crypto community keeps a close eye on these developments, it is essential to conduct thorough market research before investing in cryptocurrencies. As the Hinman documents have demonstrated, regulatory authorities may impose arbitrary distinctions on the status of digital assets, with significant repercussions for certain crypto holders. As the Ripple lawsuit unfolds in the coming months, investors must remain vigilant and approach the crypto space with caution.
Moreover, it’s crucial to be aware of commentary and analysis from industry experts, such as macro guru Raoul Pal’s recent remarks about Gary Gensler “not stopping crypto entirely.” While the regulatory landscape continues to evolve, investors must stay informed about discussions and decisions that could impact the trajectory of the crypto market.
In summary, the imminent Ripple lawsuit judgement has caught the attention of both the cryptocurrency world and financial institutions preparing for new payment services. As the drama continues, it’s essential for those involved with or interested in the crypto sphere to stay informed about ongoing legal issues and carefully analyze any potential investments.
Source: Coingape
