Bloomberg analyst Elliott Z. Stein commented on the ongoing legal battle between Ripple and the SEC in a recent podcast. He stated that the final decision on the summary resolution proposals could be made in the very near future.
Bloomberg expert expects results in Ripple case on this date
According to Stein, the Ripple company is witnessing an interesting case that focuses on the commodities of assets. However, the SEC takes a completely opposite view and claims that investors buy XRP just to make money. This creates a complex set of legal issues in the litigation stretching into 2020.
Stein said about the timing of the final outcome of the case, “…I think we can make a decision on summary resolutions in the first half of this year.” The Bloomberg analyst says that the Ripple-SEC lawsuit could be concluded in the coming months.
In the latest developments, Judge Analisa Torres has passed a new ruling that includes banning the SEC’s key expert from testifying. The trial judge banned Patrick Doody from testifying in response to Ripple’s request. Doody was hired by the tough regulator to research the prospects of token buyers.
The Securities and Exchange Commission (SEC) took legal action against Ripple and its top executives in December 2020. The lawsuit alleges that the company and its leaders violated US securities laws by selling securities without permission. Garlinghouse stated that he expects the case to conclude in 2023.
Scott Chamberlain says he’s flawed on both sides
On March 8, legal counsel Scott Chamberlain reported in a new tweet that the SEC-Ripple case could result in another legal action. Chamberlain clarified his reasons, noting some of the flaws in the cases submitted by both Ripple and the regulator. While the entrepreneur acknowledged that there are many facts, few evidences remain unclear, he said. Chamberlain also noted in his tweet:
The SEC expert dismissed his statement as to why people buy XRP. It is unclear whether any evidence remains on record to support the SEC argument that anyone has purchased XRP solely or substantially expecting profits from Ripple’s efforts.
If the expert opined on the law or Howey, that part was struck. If the expert purported to know other’s motives (why buy XRP) or the future (the XRPL w/ Ripple) without a rigorous methodology, that part was struck. If your expert disagreed with another expert that part stayed.
— Scott Chamberlain (@scotty2ten) March 7, 2023
However, the opinion of the lawyer caused disagreement on the social media platform. Some mentioned that Chamberlain supports Ripple; so his views were biased. Others did not attend a new hearing speech.
Whales moved over 10M Ripple (XRP) amid controversy
Amid the disagreements, Whale Alert reported that large amounts of XRP are moving wallets. According to the real-time capital movement tracker, around 112 million XRP was transferred on 8 March.
https://twitter.com/whale_alert/status/1633232952627986432
As we quoted as Kriptokoin.com, whales continue to buy XRP. Despite the purchases, its price failed to accompany the market-wide recovery.
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