The legal battle between Ripple and the US Securities and Exchange Commission (SEC) has entered a crucial phase as both sides await the final decision date, which remains uncertain. Here are the details…
Important development for the Ripple case
Amid the ongoing uncertainty, the case has recently changed after Ripple filed a petition against the filing by the “Investment Banker Declarant” who tried to keep certain information private, including his name, position, and employer. The declarant had previously submitted a statement in support of the SEC’s summary resolution motion. In the latest update, however, defense attorney James Filan announced in a tweet on January 25 that the “Investment Banker Declarant” was responding to his opposition to Ripple’s motion.
The response argued in part that if their identities were publicly disclosed, it would hinder further investigations as witnesses would not be able to cooperate because they did not guarantee confidentiality. He urged the court to uphold its previous assessment that the witnesses involved in the case faced a high risk. The individual claimed that he participated voluntarily and therefore needed protection.
Complexity of SEC lawsuit
As such, this new document adds another layer of complexity to the case, as the court will now have to consider both sides of the argument for the legal battle in which Ripple is accused of selling unregistered securities in the form of XRP tokens. In this respect, the issue faces several contentious issues that are likely to impact the overall crypto space. The court’s decision whether to seal certain documents became a contentious point in the case as both Ripple and the SEC struggled to protect their own interests. For example, the focus is on sealing documents related to the William Hinman speech, in which the former SEC official stated that Bitcoin (BTC) and Ethereum (ETH) are not securities.
As the legal process came to an end, speculation about the possible outcome of the case intensified. Ripple and the SEC have expressed confidence in their chances of success, but US attorney John Deaton pointed out that predicting the result is not easy. Additionally, it remains to be seen whether the parties can reach an agreement after the decision to avoid further appeals. The final decision in this case is eagerly awaited not only by the crypto community but also by the financial industry as it could significantly affect how crypto assets are regulated and handled in the future.
What is the latest situation in XRP price?
With the outcome of the lawsuit expected to affect the future of cryptocurrencies, XRP is likely to be among the first tokens to feel the impact. Currently, XRP is trading at $0.41, up about 0.5 percent over the 24-hour period, according to Cryptokoin.com data. Meanwhile, the token has been in a long consolidation phase recently as the SEC lawsuit enters its final stages.
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