The Judge of the Ripple and SEC lawsuit has recently moved up the schedule, and the case is likely to end before Christmas. It seems like XRP hodlers will have a good Christmas and new year. After the judge’s scheduling, the expert testimony needs to be fully briefed by August 30, 2022. While, the monitor for summary judgments needs to be briefed by November 15, 2022.
The latest evidence in the Ripple and SEC lawsuit
The SEC claims that XRP is security which basically means that the token is linked to the ownership of the company. However, XRP denied these claims and said they were a utility token which the SEC didn’t accept. They were going neck and neck with arguments, and it was difficult to say where the case was headed. However, the latest evidence in the case has strengthened XRP’s position, which has opened up the possibility for them to win this.
The emails that were released by the SEC after another lawsuit was filed against them show partial behavior. It shows that William Hinman was warned about an ongoing conflict of interest with the firm he was meeting back in 2018, Simpson Thacher. Despite that, he kept meeting the firm and provided them special access. William was the one who said that ETH is not a security. And later, it was found that Simpson Thacher was involved in promoting the use of ETH. Hinman was quiet about this and hid the firm’s role in the case.
All this shows that the SEC has always been partial and looks for their interest only. They still haven’t cleared which cryptocurrencies can be termed as securities and the others as utilities. This gives the Ripple project a solid advantage, and I am optimistic that the judgment will be in its favor.
This lawsuit isn’t the end
If XRP wins this case, the SEC faces the risk of facing a class-action lawsuit from XRP investors who have suffered massive losses. It also enforces the point that the SEC cannot fool around doing anything they like. Next time they plan to go against a project, the authorities will think it through. I also hope some action is taken against Hinman, the former director of the SEC.
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