Ripple Vs SEC: Here’s What Traders Can Expect If Ripple Win The Lawsuit
The latest update in the infamous Ripple v. SEC lawsuit is that famed crypto attorney John E. Deaton helped Ripple achieve significant partial success in its battle against the SEC’s overreaching regulation through enforcement.
It has been formally acknowledged by the United States Securities and Exchange Commission that the sale of LBRY Credits (LBC) tokens on the secondary market does not constitute an instance of the sale of unregistered securities. The price of LBC stock increased by more than 80% very shortly after, and at one point, it even increased by more than 280%.
Expert Chimes In
Seeing the way LBC’s price reacted, it makes sense that XRP fans will anticipate the same for the token. Crypto enthusiast and lawyer Bill Morgan have predicted what he thinks XRP’s reaction will be if Ripple indeed emerges victorious in the rigorous case against SEC.
According to the lawyer, XRP could also see a massive spike if its issuer won. At the time of publication, the price of XRP was $0.4043, representing an increase of 1.11% over the previous twenty-four-hour period. XRP is now following the overall attitude in what is anticipated to be a risk-off move in front of today’s FOMC meeting.
Moving on, members of the crypto community will focus their attention on the judgments made by the court on the confidentiality of certain documents. It is important to keep in mind that the resolution of this lawsuit will not only have an effect on Ripple and XRP, but it will also serve as a model for how the cryptocurrency business should go in general. The Securities and Exchange Commission has filed a lawsuit against Ripple alleging that the company sold unregistered securities in the form of XRP coins.
Voyager Digital Slammed with $446M Lawsuit by Alameda Research
Alameda Research, the sister company of bankrupt crypto exchange FTX, is suing Voyager Digital in a bid to recover loan repayments made prior to FTX’s own bankruptcy in November 2022.
Alleged Loan Repayments to Voyager
Lawyers representing FTX and Alameda have filed a lawsuit in a Delaware court for $445.8 million against Voyager. This comes after Voyager filed for Chapter 11 bankruptcy in July 2022 and demanded the repayment of outstanding loans from FTX and Alameda.
FTX claims that these loan repayments are eligible to be recovered as they were made shortly before FTX’s own bankruptcy in November. The crypto exchange alleges that it paid Voyager $248.8 million in September, $193.9 million in October, and a $3.2 million interest payment in August.
The filing notes that the total amount being sought could go higher if evidence of more payments from Alameda Research to Voyager Digital is found. The lawyers are also seeking the repayment of legal fees.
The filing also alleges that Voyager played a role in the collapse of FTX and Alameda, calling Voyager a “feeder fund” that did “little or no due diligence” before investing money from retail clients. The exchange hopes to use any recovered funds to repay its creditors.
Exclusion of Turkish Subsidiaries
In a separate motion, FTX has requested the exclusion of two of its Turkish subsidiaries, FTX Turkey and SNG Investments, from the bankruptcy proceedings. The company believes that U.S. courts have no jurisdiction in Turkey and that customers have already started private claims against the company.
FTX had previously planned to buy Voyager out of bankruptcy before its own collapse in November 2022.
The Backstory of FTX Bankruptcy
The top crypto exchange FTX filed for bankruptcy in November 2022, when the crypto giant collapsed after a run on its utility token. It affected millions of customers and investors. Indicted on fraud charges, FTX’s founder Sam Bankman-Fried denies wrongdoing and will stand trial in October. Meanwhile, Alameda Research CEO Caroline Ellison has pleaded guilty to fraud.
What does this mean to the crypto industry?
The outcome of this lawsuit will have significant implications for the future of both Alameda and Voyager, as well as the broader crypto industry. With the increasing number of crypto-related lawsuits and bankruptcies, it is crucial for companies to ensure that they are following proper regulations and investing customer funds responsibly.
Genesis vs. “Bitcoin Jesus” Roger Ver: All You Need To Know About The $20M Lawsuit
Roger Ver, known as the “Bitcoin Jesus,” is now embroiled in a legal dispute with the defunct cryptocurrency lender Genesis Global.
Ver is often called “Bitcoin Jesus,” because he was one of the early investors in cryptocurrency. He not only adopted it for his companies, but he also advocated it tirelessly.
Why Is Ver Being Sued?
After the Bitcoin advocate failed to settle crypto options transactions before the payment date, Genesis issued a summons to Ver demanding that he pay back at least $20.9 million in damages.
Additionally, the insolvent firm requests that the court reimburse it for the legal expenses it incurred while pursuing the lawsuit against Ver. The Bitcoin evangelist is required to respond to the claims within the following twenty days; failing to do so would result in a default judgment being entered against him.
The petition for bankruptcy was made by a British Virgin Islands-based subsidiary of Genesis, which identified New York County as the location of the trial. According to the complaint, the validity period for the options transactions at issue ended on December 30.
In the event that Ver does not respond to the summons, he will be obliged to make a repayment of at least $20,869,788, in addition to Genesis’ charges, expenditures, and attorney’s fees.
Note that this is not the first time Roger Ver has been sued by a crypto company. The cryptocurrency exchange CoinFlex filed a lawsuit against the Bitcoin advocate in July 2022 for a total of $84 million, claiming that he had failed to settle a margin obligation. Ver was an early investor in Bitcoin and associated firms such as BitPay. He also began pushing for Bitcoin Cash when it arose from a schism in the blockchain.
Ripple vs. SEC: Why the January 30 Hearing Could Change the Lawsuit Game Forever
The Securities and Exchange Commission (SEC) filed a lawsuit against LBRY on the grounds that the company violated Section 5 of the Securities Act of 1933 by marketing and selling unregistered securities.
LBRY asserted that their business did not have to comply with the requirements of the Securities Act since the purported security, the LBC token, was not in fact a security.
Rather, the company describes LBC as functioning as a kind of digital money and considers it to be an essential component of the network. The regulatory body ended up winning against LBRY in the lawsuit at the end of last year.
Deaton Explains Why LBRY Jan. 30 Hearing is Important
John Deaton, the creator of CryptoLaw and a well-known crypto enthusiast, believes that the LBRY hearing that will take place on January 30 is among the most significant events in the cryptocurrency industry.
Deaton brought up the fact that the SEC had admitted on the record that a significant number of LBC token holders, if not the majority of them, did not consider LBRY’s token to be an investment and that these token holders used the tokens for their own personal consumption purposes.
Nevertheless, despite pressure from LBRY CEO Jeremy Kauffman and the judge who issued the verdict, the SEC declined to offer clarification on LBC’s secondary trades, Deaton pointed out.
The Securities and Exchange Commission wants a permanent injunction that does not make any distinctions between LBRY, its officials, and users of the platform or transactions on secondary markets.
Deaton proceeded by stating that when the transcripts of the LBRY hearing are made available to the public, the request that LBRY CEO Jeremy Kauffman made to the court must be provided to each senator and congressman.
Here’s How LBRY vs SEC Could Pave The Way For Ripple’s Victory In The Lawsuit
About two years ago, the U.S. Securities and Exchange Commission (SEC) sued Ripple Labs, the company that created and manages the Ripple protocol, alleging that the company’s sale and distribution of XRP tokens constitute the sale of unregistered securities in violation of federal securities laws. The case is ongoing and a ruling is still awaited.
Both parties have filed numerous motions, and the matter has finally reached its conclusion, with the final ruling set to be delivered.
The community is both excited and anxious about the eventual decision. They are looking to LBRY v SEC to make a prediction and determine whether or not Ripple will win.
What’s the LBRY v SEC case all about?
The SEC sued LBRY for offering and selling unregistered securities in violation of Section 5 of the Securities Act of 1933. LBRY claimed that the company was exempt from the Securities Act since their alleged security, the LBC token, was not a security. Instead, according to LBRY, LBC worked as a type of digital currency that is an integral part of the LBRY Blockchain.
A hearing in the US district court for the LBRY v. SEC litigation will take place. The new hearing in LBRY Vs. SEC is anticipated to set a stage for Ripple and the defendants, according to John Deaton, Amicus Curiae in the XRP action.
The LBRY litigation has been compared to the XRP lawsuit in terms of regulatory clearance. The CEO of LBRY, Jeremy Kauffman, pleaded with the court and stated that the company has been at odds with the commission for long five years and has attempted to resolve the issue with the SEC as well.
He emphasized that the crypto sector is being built by a sea of intelligent individuals. However, the SEC does not specify the regulations, and by the end of this litigation, the market should have a better understanding of the rules and regulations.
How does XRP Escape the Security Category?
Bill Hinman’s claim that the digital asset itself is only code was cited by the XRP lawyer. It is marketed as a component of an investment to expand the business. Users of the LBC blockchain who didn’t buy tokens from the LBRY blockchain will win. Similar to this, a sizable number of XRP holders purchased XRP to participate in the XRPLedger. This demonstrates unequivocally that it is not a security.
If we go by this logic, the odds seem to be in favor of XRP in the lawsuit. In some time it will be clear when the court gives out its final ruling on this case.
Ripple Vs SEC Lawsuit Takes a Positive Turn: Here’s What Next
In the ongoing Ripple-SEC case, all motions have been thoroughly briefed, and the judge’s judgment is expected, according to James K. Filan’s most recent updates. Ripple and the SEC submitted their final round of briefs in December, requesting the court to grant them summary judgment.
Omnibus applications to seal documents related to the summary judgment motions have also been filed by both parties as the motions for summary judgment and those to exclude expert witnesses have now both been completely briefed.
The CEO of Ripple, Brad Garlinghouse, expressed hope at Davos that the company’s legal dispute with the Securities and Exchange Commission will be resolved in 2023, perhaps as early as this year.
He said, “We are optimistic that this will definitely be fixed in 2023, and possibly the first half. So we’ll see how it plays out from here. But I feel very good about where we are with respect to the law and the facts.”
In his subsequent statement, he says that he expects a decision to be made “sometime in the following single-digit months” – maybe as early as June. The dispute over whether XRP should be considered a security will have significant effects on both Ripple and the greater crypto market.
Garlinghouse then added, “We’ve always said we’d love to oblige, but it requires one very important thing, and that is that looking forward, it is clear that XRP is not a security. The SEC and Gary Gensler have openly stated that they view almost all cryptocurrencies as a security. And so that leaves very little room in the Venn diagram for settling.”
Gary Gensler, the chairman of the Securities and Exchange Commission, previously stated his views on cryptocurrencies, particularly Bitcoin, in a CNBC interview with the host of Mad Money Jim Cramer. Gensler specifically contends that cryptocurrencies are a very speculative asset class. In fact, the SEC chairman was quick to point out this speculative asset class’ ups and downs.
Winklevoss vs Silbert: Lawsuit Looms As Earn Program Users Caught In The Crossfire
The post Winklevoss vs Silbert: Lawsuit Looms As Earn Program Users Caught In The Crossfire appeared first on Coinpedia Fintech News
After weeks of uncertainty, Gemini co-founder Cameron Winklevoss has expressed some satisfaction following the filing for bankruptcy protection under Chapter 11 by Genesis Trading, a subsidiary of Digital Currency Group.
According to Winklevoss, Genesis will be required to provide documentation on how the situation led to this stage. Notably, Genesis Trading and Gemini cryptocurrency exchange entered into a strategic relationship through the latter’s Earn program in 2021.
XRP Is All Set To Make A 180 Flip! Will Ripple SEC Lawsuit Initiate A Fresh Uptrend For XRP?
XRP price has kept traders and investors on the verge of volatility as the trend creates confusion in the crypto space with concerns regarding the controversial central banks. Market experts believe that a sudden change in the monetary policy from the Bank of Japan and responses from European Central Bank (ECB) official Villeroy may develop a shockwave as the XRP token is not immune to it.
However, the lawsuit against the SEC may favor Ripple as US attorney John Deaton has criticized predictions on SEC’s victory.
XRP Price To Experience A Gradual Rise In Recovery Trend
Ripple’s high-profile war against the SEC has gained support from leading market influencers, including Coinbase and the crypto lobbyist group Blockchain Association. However, the native token XRP is trying to spark a downward retracement as the choppy price action seems to bring multiple hurdles in the price chart.
A prominent crypto analyst, Trading Surfers, predicts an exponential upward rally for the XRP token if it validates specific price points. According to the analyst, XRP has been waiting for one year for a bounce off the critical level of $0.34.
The analyst noted that XRP might initiate a slow increase on its Elliott path to $1.5 if it breaks above the $0.38 price zone. However, at a lower degree, XRP may again bring bearish woes with a downward journey to $0.18 if it crosses below the price range of $0.34-$0.38.
Will XRP’s Bulls Give Up Amid FUD Situation?
While the crypto market is still enjoying a bull run, XRP’s price brings fear among altcoin traders as the token struggles to hold its price near the 200-day simple moving average. However, the trend of XRP has not been much volatile compared to other altcoins in the market, but it hints at a 25% sideways movement.
According to CoinMarketCap, XRP currently trades at $0.3897, with a surge of over 2% in the last 24 hours. The Stochastic RSI has pulled itself down to a stable region near 72 as the RSI-14 drops to 61, signifying a continuous bullish trading session. Looking at the daily price chart, XRP has again built support at $0.37 after a rejection below the EMA-200 trendline.
XRP has room to spike if the current bearish sentiments regarding central banks fade away. If XRP continues to climb to its 23.6% Fib retracement and makes a breakout trade above $0.41, it can lure bulls to increase buying pressure and push itself to its Bollinger band’s upper limit of $0.45.
However, the above bullish analysis may get rejected if the support at 200-day SMA does not hold. A trade below the EMA-20 trend line may slump the XRP token to the bottom levels of the descending weekly RSI at $0.31.
Lawsuit To Get Settled By First Half Of 2023
The legal battle between Ripple and the Securities and Exchange Commission (SEC) in the United States is intensifying. The Ripple vs SEC case was filed in December 2020 and has been making headlines since. The lawsuit was initially based on allegations that Ripple raised $1.3 billion through illegal means and that its native coin, XRP, is a security.
Now, as per Ripple CEO Brad Garlinghouse the Ripple vs SEC lawsuit will see its end before June 2023. He claims that Ripple will come out as a winner against the SEC and believes that the lawsuit will not get into settlement. This is because as per Garlinghouse the settlement will happen only when SEC accepts XRP is not a security.
XRP Lawsuit To Settle By June
These claims were made on Jan 18, during an interview with CNBC at the World Economic Forum in Switzerland. Brad Garlinghouse’s statements come as he believes both the parties have given their complete brief about their arguments.
When Garlinghouse was questioned if Ripple will wait for the judiciary’s decision, Brad showed strong trust towards the judge’s decision. He also mentioned how important the lawsuit is for the crypto industry, especially in the US.
Furthermore, Ripple CEO briefed about SEC’s behavior throughout the lawsuit as he asserted that the SEC’s approach has been embarrassing. Brad then said that the SEC filed the lawsuit even when Ripple approached the agency to meet them to seek regulatory clarity.
The similar statement has also been mentioned by attorney John Deaton where he has stated that the lawsuit will not see any settlement.
Now, the Ripple vs SEC lawsuit all depends on the Judiciary’s decision during its next hearing.
Will The Ripple Vs SEC Lawsuit Push XRP Price To $1 in 2023?
After the Consumer Price Index data indicated that inflation had dropped to 6.5% from 7.1%, the cryptocurrency markets almost immediately went bullish. XRP has been exhibiting persistent bullish movement as of late, which has sparked excitement among both enthusiasts and investors.
At the time of this writing, one token is worth $0.4, reflecting an increase of 1.6% over the course of the last 24 hours and 12% over the course of the past seven days.
XRP Aiming for the $1 Mark?
Because of the previously indicated constancy in XRP’s positive momentum, we are compelled to evaluate the probability that the coin may make an attempt to reach the $1 threshold.
Ripple, the company that issued XRP, is now in a high-profile legal battle with the United States Securities and Exchange Commission (SEC), and investors are hopeful that a verdict in favor of Ripple would have an immediate, massive bullish effect on the price of XRP.
In addition, whales are demonstrating a phenomenal interest in the token at the present time, as seen by the fact that they are continually purchasing hundreds of millions of it. The majority of TradingView’s technical analysis (TA) indicators on 1-day gauges point to a bullish outcome from a purely technical vantage point.
On the current market, XRP has a total market capitalization of $19.8 billion, which is an increase of approximately $2.7 billion over its market cap on January 1, which was $17.1 billion at the beginning of the year. And talking about market cap, the token is now the sixth biggest cryptocurrency.
Will Ripple Win Against SEC in Lawsuit?
If John E. Deaton, a defense attorney and prominent commenter on the issue, is correct in his prediction that the SEC will lose the case, then Ripple and XRP may have a good chance of winning.
The lawyer said that the SEC’s argument, which asserts that the XRP token has always been a security, is proof that applying the Howey test to Ripple Labs and XRP is tricky and complex.
According to Deaton’s research, all of this demonstrates that the SEC is wrong in its determination that XRP satisfies the second and third prongs of Howey, and hence that the SEC has very little chance of victory in this case. We don’t know whether Ripple will be able to pull off a victory over the SEC, but only time will tell.
Ripple vs SEC Lawsuit To Decide Crypto Regulatory
The long-running Ripple vs SEC or the US Securities and Exchange Commission case finally seems to be coming to an end after the SEC filed for a summary judgment. The way the developments are shaping up points heavily toward a possible win for Ripple.
The latest development points that the SEC has now filed a motion against Ripple’s expert opinion. This is because the SEC believes that experts are unreliable and often suggest improper legal conclusions. Parallelly, even Ripple defendants have filed against SEC expert evidence.
Tussle Between SEC & CFTC
Meanwhile, Bloomberg’s yesterday’s article titled : Fight to Regulate Crypto at Crossroads as Ripple Ruling Looms has caught many industry expert’s attention. One such is Stuart Alderoty, Ripple’s general council. Alderoty is of the opinion that no matter who wins the Ripple vs SEC lawsuit, the result will affect the crypto market.
Furthermore, the crypto industry has always faced a question on who will and should regulate the cryptocurrencies. There is a tough tussle between two top industry players, Gary Gensler and Ripple’s Brad Garlinghouse suggested CFTC.
Here, if SEC wins as per Bloomberg’s claim the agency will have jurisdiction over major cryptocurrencies. On the other hand, if Ripple wins it might decrease SEC’s chance to claim the jurisdiction over crypto. Also most of the crypto experts are against SEC’s regulatory approach, as they believe the agency enforces instead of explaining the rules.
While the further decision on Ripple vs SEC is set to be made in the next six months, XRP is trying its best to move against the odds. At the time of publication, XRP is selling at $0.38 after a surge of 0.43% over the last 24hrs
SEC Lawsuit Against Genesis and Gemini Sparks Controversy, Here’s Why?
The U.S. Securities and Exchange Commission (SEC) filed a lawsuit on January 12th against digital asset management group Genesis and the cryptocurrency exchange Gemini, founded by the Winklevoss twins, for alleged violation of securities laws by selling unregistered securities.
However, a surprising revelation came to light when former SEC Enforcement Chief, Lisa Braganza, alleged that the regulatory agency had prior knowledge of the situation but chose to allow it to continue. This has raised questions about the SEC’s handling of the case and their enforcement actions towards the crypto industry.
Why did the SEC fail to act?
Lisa Braganza, a former branch chief of the SEC’s enforcement division in Chicago, revealed in an interview on CNBC’s Squawk Box that the regulatory agency had been investigating Gemini’s crypto-lending product for an extended period but failed to take action.
She claims that the SEC allowed the potentially fraudulent operation to continue, even after the crypto market crash in November 2022 and Gemini’s failure to pay customers. According to her, it took “two more months” for the SEC to take action, as it was waiting for Gemini to file an answer in a separate class action case related to the company’s failure to continue payments under its proprietary Earn product.
The SEC had previously made it clear that programs like Earn are considered securities, making it baffling that they didn’t resolve the issue sooner. She said, “It’s puzzling why they didn’t come to a resolution of this a long time ago, months and months ago.”
Braganza believes that there has been a lot of finger-pointing, starting with Barry Silbert, CEO of Genesis’s parent company Digital Currency Group (DCG), and also involving the Winklevoss twins who, according to her, failed to conduct their own research and relied solely on Silbert’s assurance of Genesis’s solvency. Additionally, she states that the regulatory authorities have been aware since June 2022 that the leading cryptocurrency broker Genesis was operating in a non-solvent manner in the United States.
According to Braganza, digital asset management groups and crypto exchange companies have a responsibility to their customers when handling large sums of money, particularly their customers’ money. The SEC has not yet commented on her statements. The outcome of the legal action taken against Genesis and Gemini is yet to be determined, as the case is still in progress.
The Lawsuit Filed Against Do Kwon and Other Terra Execs Has Been Dismissed
It would seem that Terra and Do Kwon have briefly lost some of the attention that was previously focused on them due to the failure of FTX and the ongoing turmoil surrounding it and its criminal founder. But that won’t last for long since they’re back in the news for reasons we might not have seen coming.
Lawsuit Against Terra and Do Kwon Dismissed
A tweet from the founder of failed crypto company Three Arrows Capital Su Zhu shows that the class action lawsuit Albright v. Terraform Labs, Pte. Ltd. et al., which was filed in the Southern District of New York Court against Terra, Do Kwon, and the other executives of the defunct cryptocurrency company on January 9, was voluntarily dismissed by the court. Zhu shared the following screenshot from the court filing:
It is possible that the latest findings of market manipulation and trading of LUNA tokens by Sam Bankman-FTX Fried’s and Alameda Research are what prompted the motion to dismiss the complaint.
Matthew Albright, the primary plaintiff in this case, has informed the United States District Court for the Southern District of New York that he has submitted a notice. The document indicates that the case has been voluntarily dropped, but there will be no adverse consequences for the defendants.
Terraform Labs, Jump Trading, Delphi Digital Consulting, Luna Foundation Guard (LFG), Do Kwon, Nicholas Platias, Jose Macedo, Kanav Kriya, and Remi Tetot are some of the people who have been named as defendants in this suit.
The defendants were charged in the class action complaint of engaging in the deceptive promotion of the UST algorithmic stablecoin, Terra (LUNA), and other Terra currencies relevant to the case.
Furthermore, boasting about the reliability of the currencies while the defendants were personally benefiting from income that was being siphoned off from Terraform Labs and put into their own accounts.
In a related development, as the year 2022 came to a close, it became public knowledge that the authorities in South Korea are still investigating Terra-related activities and have frozen the assets of those involved with the failed crypto empire.
As for the Terra Luna Classic token LUNC, it has actually been doing pretty well recently. At the time of writing, it is up 3% in the past twenty-four hours and 6.2% in the past seven days, bringing its price to $0.00016938.
Binance Faced With Lawsuit Over Misleading Terra Investors
Binance, one of the largest crypto exchanges, faced a class action lawsuit on July 11, 2022, in the United States District Court for the Northern District of California.
This was the first lawsuit filed by US-based Roche Freedom LLP, claiming that Binance misled Terra network investors by portraying Terra’s dollar-based UST as more stable than it actually was.
Binance Misled Terra Investors
Furthermore, the lawsuit also claims that Binance.US is not an authorized organization and carelessly promoted UST as a safe stablecoin, which it was not. However, the company has denied the allegations and stated that Binance.US adheres to all applicable regulations.
Before Roche Freedom can test its accusations against Binance.US in court, the firm must convince U.S. District Judge Jacqueline Scott Corley that the lawsuit belongs in court, rather than in arbitration proceedings. Arbitration proceedings are a procedure where a dispute is settled by the intervention of a third party, rather than in court.
On January 4, 2023, Roche Freedom filed a brief against Binance’s move to force arbitration proceedings, which were filed by Binance in November 2022. The brief claims that there is no proof provided by Binance that crypto investor Michiel Nuveen, who is one of the arbitrators in the case, saw or accepted the arbitration clause.
Additionally, Roche Freedom claims that arbitration proceedings are fundamentally unfair to users or consumers, as they give rise to complex procedures and allow Binance to hold onto court proceedings.
The further proceedings will depend on what Binance has to say and on what terms both parties can agree.
What Can Traders Expect If Ripple Wins The Lawsuit Against SEC
The legal battle between Ripple, and the Securities and Exchange Commission (SEC) in the United States is intensifying every day. The SEC vs Ripple case was filed in December 2020 and is making headlines to date. Initially, the lawsuit was based on the allegations that Ripple raised $1.3 billion through illegal means and its native coin, XRP, is security.
Recently, a couple of days before CryptoLaw founder and lawyer, John Deaton reversed his earlier claim that said Ripple vs SEC case will not see a settlement due to Hinman documents. The reason behind Deaton’s change of statement is due to Ripple’s confirmation in Oct 2022 that they now have Hinman documents
This lawsuit against XRP marked three years in Dec 2022 and the community is eagerly waiting for a settlement soon. However, the majority of the crypto community believes that the Ripple vs SEC case will soon see a settlement, probably by the end of 2023.
Ripple’s Win Will Prove XRP’s Legality
On the other hand, the recent survey on how Ripple’s win against SEC will impact XRP has gained many positive responses from industry experts.
The first expert to comment was David Reischer, lawyer and CEO at Legal Advice. David is of the opinion that Ripple will surely see a win against the SEC. He further claimed that Ripple’s win would benefit the whole crypto space as this would give clarity and intense confidence among investors.
The next expert to give his statement was Andrew Pickett who is a lead Trial Attorney at Andrew Pickett Law. The attorney believes that this lawsuit’s result against Ripple is one of the most awaited ones. As per Andrew, if Ripple finds a win, it will strongly mark XRP’s legality in the US market.
The attorney also believes that the win will fuel Ripple’s XRP price rally to the next level. Moreover, Andrew claims that this attracts many mainstream investors and businesses into the crypto industry.
However, if the SEC gains victory in this case, the result will have a huge negative impact on XRP, its investors, and the entire crypto space.
SBF’s Lawsuit Intensifies: DoJ to Seize $460M Stake in Robinhood
On Tuesday, Sam Bankman-Fried, former CEO of FTX, proclaimed his innocence regarding the various counts of U.S. criminal charges brought against him. Bankman-Fried, accompanied by his lawyer Mark Cohen and Christian Everdell, appeared at a hearing in the U.S. District Court in New York City. Court filings allege that Bankman-Fried is facing charges of conspiracy to commit securities fraud, wire fraud, and market manipulation.
Additionally, billions of dollars are missing from the FTX balance sheet, leading to accusations that Bankman-Fried misappropriated customers’ and investors’ money to fund risky Alameda businesses.
Will FTX Investors Get Justice?
The charges brought against Sam Bankman-Fried highlight the lack of clarity in crypto regulations and the need for financial institutions to adhere to higher standards. Despite its importance, this issue has been neglected by regulators for too long. The most pressing question is who will protect investors from predatory tokenomics and unclear regulations.
To the relief of FTX stakeholders, the US Department of Justice (DOJ) plans to seize approximately $460 million in Robinhood shares belonging to Bankman-Fried.
U.S. Attorney Seth Shapiro informed U.S. Bankruptcy Judge John Dorsey, who is overseeing the FTX bankruptcy proceedings, that the DOJ does not consider Robinhood’s 56 million shares worth an estimated $465 million to be part of the bankruptcy estate.
Legal experts believe that Bankman-Fried will face a long legal battle as a result. In addition, Caroline Ellison and Gary Wang have pleaded guilty to fraud charges and agreed to fully cooperate with government prosecutors against Bankman-Fried.
“It’s going to be a very tough task for Bankman-Fried to ultimately prevail at trial. And while Bankman-Fried could be hoping for leniency, he may end up with a more severe sentence than he originally bargained for,” Mark A. Kasten, a partner at law firm Buchanan Ingersoll & Rooney PC Counsel, noted.
Nonetheless, SBF has continued to maintain his stance that he is innocent, stating that he did not engage in any illegal activity and that the charges against him are unfounded. His legal counsel will continue to argue this position in court, but it appears unlikely that SBF will be able to escape the allegations unscathed.
The Securities and Exchange Commission (SEC) has also taken an interest in the case, with SBF facing potential civil charges from that agency as well. This is yet another reminder of how serious financial crimes are taken and serves to deter anyone from engaging in similar actions in the future.
Ripple Vs. SEC Lawsuit: XRP Price Will Not Be Impacted By The Legal Battle
As the Ripple vs. SEC litigation continues, the community awaits the outcome with anticipation, hoping that Ripple will ultimately prevail. If that occurs, many expect (and some have already predicted) a significant price increase in XRP.
How Will The XRP Price Be Impacted By The Lawsuit?
According to Defender, the price of XRP skyrocketed to $1.96 after the SEC’s complaint was filed, which was a significant increase from its previous value of $0.17. The defender believes that this behavior is evidence that XRP is not affected by the lawsuit, as it is supranational and not constrained by any one country or its government.
Defender predicts that XRP will become the World Reserve Currency, regulated by the IMF, BIS, and World Bank.
He says:
“Therefore SEC’s decision cannot have any influence on the price but can only damage the reputation of a US Law in terms of justice and implementation of emerging technology.”
He also believes that the price of XRP has consistently exhibited characteristics of an Elliott Wave Pattern since 2013 and that the second corrective wave will finish sometime in 2023, most likely after the first quarter. When he concluded his analysis, he said, “When we see the 3rd Wave, it will be too late for the most. Let’s experience.”
As of this writing, one XRP is worth $0.3467, with a gain of 0.2% in the last 24 hours. On the daily time scale, the price has fluctuated significantly around $0.3, as seen by the large wick to the downside.
Since the price has repeatedly been rejected by the 200-day and 50-day moving averages, the first downturn has been in effect. Although XRP rebounded well from the $0.3 support level and returned upwards, it is currently not performing well.
Popular Youtuber BitBoy Crypto Predicts Outcome Of Ripple Vs SEC Lawsuit
The lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is a significant legal case that has garnered a lot of attention in the cryptocurrency industry. At the heart of the lawsuit is the question of whether or not the cryptocurrency XRP, which was created and is sold by Ripple Labs, is a security subject to the SEC’s regulatory authority.
The XRP community is currently anticipating the ruling date as both parties have filed their final submissions. Here’s the most recent update on the case.
The XRP community is in support of a settlement.
Pro-XRP lawyer John Deaton commissioned a poll in advance of the decision asking the XRP community to share potential outcomes in the case. A majority, at 59.2%, thought the case would be settled between the two parties in the December 28 poll that received roughly 18,000 votes, while 40.8% chose the verdict option.
Will Gary Gensler Resign?
In a recent tweet, cryptocurrency enthusiast and content creator Ben Armstrong prophesied that 2023 will be the year the XRP lawsuit concludes and Gary Gensler, the head of the United States Securities and Exchange Commission (SEC), resigns.
According to Armstrong, Gary Gensler, the current head of the regulator, should be pressed to resign in the coming year. Similar requests were made earlier in the year on social media, even before the collapse of the cryptocurrency exchange FTX.
Gensler’s resignation has long been demanded by the public. The former Wall Street banker has been accused of corruption. The crypto community has regularly expressed its displeasure with Gensler. The SEC’s unwillingness to approve a spot Bitcoin ETF and Gensler’s repeated remarks on how digital assets should be regulated are mostly to blame for the frustration.
John Deaton, a pro-XRP activist and crypto lawyer, believes the case will be decided by a judge, rather than the pretrial settlement that many in the XRP community are hoping for. The possibility of crypto winning the lawsuit becomes dicier in the wake of such a result.
Deaton asserts that Gensler will not concede anything during the lawsuit and will not acknowledge that XRP is not a security. Such obstinacy could prove to be a significant impediment to a positive outcome for Ripple and XRP, not to mention Gensler’s resignation.
The lawsuit between Ripple Labs and the SEC has a lot of potential outcomes. However, only time will tell how the lawsuit is resolved.
Ripple Vs SEC lawsuit: January 30 Could Be More Important for the Entire Crypto Space
The post Ripple Vs SEC lawsuit: January 30 Could Be More Important for the Entire Crypto Space appeared first on Coinpedia Fintech News
The ripple vs SEC case is becoming more and more fascinating as the time for the summary judgment is approaching fast. Both the persecution and the defendants are trying very hard to keep up their argument in the court of law, regardless of whether the evidence is having a base or not. The SEC which constantly blames Ripple to have sold XRP illegally has not yet produced any substantial evidence of their claim saying that the token is a security.
Ripple Vs SEC Lawsuit: Will the Case End in Settlement or Verdict? XRP Lawyer Predicts Outcome
Amicus Curiae and the lawyer representing XRP holders, John Deaton, took to Twitter to conduct a poll on the final outcome of the Ripple vs SEC lawsuit next year. In the poll, he presented respondents with two possible answers: Settlement or Go to Verdict.
At press time, nearly 14,000 different people participated in the poll, and 59.3% of them are keeping their fingers crossed that a settlement would be reached in the Ripple litigation.
After the conclusion of the vote, according to what Deaton has said, he will reveal his forecast for the year 2023. He noted that he would be examining some of Judge Torres’ earlier Summary Judgment opinions before coming to any conclusions about the XRP action. As a result of this, he will be able to obtain some further insights into the judge’s decision.
Latest on the Ripple vs. SEC Case
After early reports suggested the case may be concluded on December 15, the crypto world is still waiting for the verdict in the lawsuit between Ripple and the Securities and Exchange Commission (SEC).
Both sides have now submitted their final briefs, which suggests a resolution is imminent. Defense attorney James Filan disclosed that the SEC had filed a new motion to seal some papers, including the Hinman documents before the final order was issued.
See, the regulatory body is still insisting, for reasons that no one can fathom, that the Hinman documents remain secret. The Hinman documents show that in 2018, SEC Division Director William Hinman declared Bitcoin (BTC) and Ethereum (ETH) to be not securities. The SEC insists that the files are private because they include debates inside the agency.
Interestingly, the presiding judge had already in the past decided against SEC’s bid to suppress the Hinman papers, giving Ripple a modest victory during the hearing. According to Deaton, the verdict will likely be issued in April or May of 2023.
There’s nothing left to do except cross our fingers that Ripple wins. Personally, I hope the provider of crypto solutions doesn’t end up settling.
FTX Users File Lawsuit Against Defunct Exchange. Will They Get Their Money Back?
The latest development in the drama of FTX is that on December 27, users of the defunct exchange filed a class action lawsuit against the firm and its former senior executives, including Sam Bankman-Fried, in an effort to have it declared that the digital assets held by the company rightfully belong to the customers.
The firm is still engaged in a fight with liquidators in the Bahamas and Antigua, in addition to the bankruptcy of Blockfi, which is yet another failing cryptocurrency business. This case is the most recent legal effort to collect FTX’s diminishing assets.
In the class action lawsuit, nearly one million FTX customers from the United States and other countries are being represented. According to the complaint, members of the Customer Class should not have to wait in line throughout these bankruptcy procedures alongside secured or general unsecured creditors simply to have a chance to partake in the estate assets of the FTX Group and Alameda, which have been significantly reduced.
In the event that the court determines that it is property owned by FTX, the users will petition for an order stating that they have the right to reimbursement, even if it means taking priority over the creditors.
SBF the Reckless Con Artist
Samuel Bankman Fried, the man who founded FTX, is a criminal who conducted an extremely reckless and, to tell the truth, quite a lengthy fraud until it all came crashing down on him a month ago.
The disgraced public figure is said to have used the funds that belonged to FTX users to fund his hedge fund Alameda. He also used the money contributed by FTX users to purchase estates and other expensive items for himself and his family.
Customers hurried to remove their assets from what was previously the second-largest cryptocurrency exchange when concerns about FTX’s finances appeared online last month. In response, the firm, which is located in the Bahamas, froze withdrawals and then filed for bankruptcy.
Following this, Bankman-Fried was taken into custody at the request of the government of the United States and charged with eight separate criminal offenses. These charges range from wire fraud and money laundering to conspiracy to conduct fraud and making illicit political donations.
However we have no idea whether or not this most recent lawsuit will eventually get the users their money back, but I definitely hope it does. The criminal SBF should pay back all the money he stole.
Ripple Vs SEC Lawsuit: Here are 5 Important Dates to Watch!
The post Ripple Vs SEC Lawsuit: Here are 5 Important Dates to Watch! appeared first on Coinpedia Fintech News
Recent developments in the long-running legal dispute between Ripple and the U.S. SEC over XRP suggest that its end is just around the corner. The litigation should be resolved in the first half of 2023, according to Ripple CEO Brad Garlinghouse, however, it may be difficult to determine when it will be resolved.
Attorney James K. Filan has noted that there are sealing disputes related to the requests for summary judgment and has also revealed the important dates for 2023 starting January 4. The lawyer for the XRP community said that there are five significant dates to look for in the ongoing Ripple-SEC case, adding that this is the final timetable that might put an end to one of the biggest crypto lawsuits.
#XRPCommunity #SECGov v. #Ripple #XRP Scheduling Update as of December 21, 2022. pic.twitter.com/xnBqxUzSFq
— James K. Filan
126k (beware of imposters) (@FilanLaw) December 21, 2022
It is not yet known whether the disputes will be resolved before or at the time of the motions. In accordance with the decision announced on December 19, any motion by a nonparty to seal any summary judgment materials must be submitted by January 4 of 2023.
“Any non-parties must file a Motion to Seal any Summary Judgment Materials to the extent the non-party seeks additional or different sealing treatment or redactions than requested by the Parties.”
Parties are required to submit oppositions to omnibus motions to seal those that were filed earlier on January 9, 2023. The Daubert motions and associated exhibits must be filed by the parties on January 13 on the public docket with the appropriate redactions in accordance with the court’s judgment on sealing. All parties and nonparties are required to submit any opposition to non-party motions to seal by January 18, 2023.
“If no motion to seal is received by January 4, 2023, the non-party waives their right to object to the Court’s ultimate ruling on the Parties’ motions to seal or redact the Summary Judgment Materials.”
Ripple Vs SEC Lawsuit: Filan Shares Scheduling Update With 5 Key Days
The most recent development in the legal battle between Ripple and the SEC is that both parties have now filed a combined application for a time extension until January 13 to post the Daubert papers and related exhibits on the public docket with redactions that are consistent with the court’s sealing judgment from December 19.
The court approved the company situated in San Francisco’s request to modify the documents that it had submitted in connection with the Daubert motions, therefore the company was awarded a tiny victory as a result of this verdict. This is done with the intention of protecting both the legal privacy concerns of third parties and the confidential business interests of Ripple.
The Daubert motion is unique in that it is also used to exclude the testimony of an expert witness who does not meet the criteria for expert witness status. While this latest development may not guarantee a victory for Ripple or signal the conclusion of the lawsuit, it does indicate a little uptick in optimism.
James K. Filan, a defense attorney and former prosecutor who has been actively following up with the case and posting developments on his Twitter page, is the one who shared the new update. And there is no doubt that the community is thankful for his engaged enthusiasm.
5 Important Dates To Watch As The Case Nears Its End
In his post, James Filan also mentioned five significant upcoming dates in the case’s final stages. On December 22nd, both sides will submit omnibus requests to seal documents associated with summary judgment motions. The parties are also required to submit redacted versions of the above papers simultaneously to the court.
Second, the deadline for parties to ask the court to seal evidence in connection with applications for Summary Judgment is January 4. According to Filan, these parties have waived their right if they do not do so by the deadline.
The court has set January 9, 2023, as the deadline for both parties to respond to the December 22 Omnibus Motions. On January 13, as requested by both parties on Tuesday, the public filing of Daubert Motions to exclude expert testimony will occur.
After that, on January 18th, the court will expect all parties to file their responses to the third parties’ petitions to seal papers pertaining to the Summary Judgment.
Bottomline
This day, two years ago, the SEC filed a complaint against Ripple and its officials, claiming the offer and sale of an unregistered security. The fact that it will soon be over is something that I am sure excites all of us. Everyone is crossing their fingers that Ripple will win. As for me, I sincerely think Ripple will emerge victorious.
Will The SEC Appeal A Stay On Judgement If Ripple Wins The Lawsuit?
In their ongoing case, Ripple and the SEC have jointly moved for an extension of time until January 13, 2023, in order to file the Daubert motions and related exhibits on the public docket with redactions in accordance with the court’s Dec. 19, 2022, sealing judgement.
This ruling helped Ripple secure a minor win against the SEC! In the recent ruling, the court allowed its request to redact the documents produced in connection with the Daubert motions. This strives to safeguard both the legitimate privacy concerns of third parties and the sensitive business interests of Ripple.
With each new development in the lawsuit, it appears to be nearing its resolution. However, if Ripple prevails in the legal dispute, what would actually happen? Let us explore.
What If Ripple Wins The Lawsuit?
On Wednesday, an XRP enthusiast on Twitter with the username @scaruso123 inquired as to what would happen in the interim if Ripple wins the lawsuit and the SEC appeals to the appellate court.
Following that, he asked whether Ripple had the authorization to operate in the United States until the final decision was made.
Former federal prosecutor James K. Filan responded to this query. Filan explained that the SEC will urge the court to stay the judgement of its Second Circuit appeal. This means that it will ask the court not to enforce the judgement until the appeal is resolved. Filan emphasises that it would be an epic battle between the parties, and whether the court agrees to this plea remains to be seen.
Would Judge Torres Grant SEC’s Request?
Jeremy Hogan, a partner at Hogan & Hogan, reacted to Filan’s speculation that the SEC will persuade Judge Torres not to immediately enforce the judgement.
Attorney Hogan believes Judge Torres will deny the Securities and Exchange Commission’s request for a stay of the verdict. If the Judge decides that Ripple did not violate Section 5 of the Securities Act of 1933, there will be no need to stay the decision.
When is a Ruling Expected?
The majority of legal experts who have shared updates on the litigation predict Judge Analisa Torres will rule on the matter on or before March 31, 2023. Even James K. Filan agrees with this statement.
Ripple CEO Brad Garlinghouse told the audience at the DC Fintech Week conference that the SEC lawsuit against his company would be resolved in the first half of 2023. It is not ruled out that it could take longer, though.
David Gokhshtein Says that Ripple Vs SEC Lawsuit Decision is Just 2-Months Away!
David Gokhshtein, the founder of Gokhshtein Media, tweeted yesterday that the legal decision in the Ripple vs SEC case may be announced in two months, or at the start of 2023. It’s been about 24 months since the case began; another 3-4 months won’t hurt, right? Earlier this year, he stated that if Ripple wins, it will help the crypto giant and the XRP coin, as well as the entire crypto sector, to go ballistic.
Gokhshtein had earlier stated that the high-profile case would conclude by December 15. He based his theory on something Charles Hoskinson had said in a recent YouTube session: ‘ask me anything.’ After this, reports circulated online that the settlement date could be December 15. Many XRP users began calling Hoskinson a liar. As a result, the founder of IOG and Cardano stated this week that he does not want to be involved in any debates about the Ripple case or XRP.
Both parties involved in the action, Ripple and the SEC, filed all relevant documents in early December, and the litigation is expected to go on a few months longer. Ripple CEO Brad Garlinghouse anticipates the issue to be resolved in the first half of 2023.
In December 2020, the SEC filed a lawsuit against Ripple for conducting $1.3 billion in securities offerings. The company is charged with breaching Sections 5(a) and 5(c) of the Securities Act of 1933. If the SEC wins the case, XRP will be treated as a security rather than a currency in the United States. This could start a chain reaction that leads to the reclassification of similar cryptocurrencies as securities.
XRP Whale Accumulation Surges As Ripple Vs SEC Lawsuit Draws To A Close
The XRP market has firmly held the current levels during the second half of 2022, despite pressures from the ongoing Ripple vs SEC lawsuit. According to aggregate data from Binance-backed Coinmarketcap, XRP price has ranged between 0.324 and $0.5523 in the past three months.
The XRP market – which takes pride in a fully diluted market cap of approximately $38,210,014,609 – has remained in the top ten crypto assets by valuation for several years.
As such, market strategists and the crypto community unanimously agree XRP has a high probability of surviving the current bear market. Moreover, the XRP market is widely used in many countries around the seven continents. Hence giving the XRP community hope of reaching the moon during the next crypto bull market.
Notably, whale crypto traders have been identified as accumulating more XRP coins in the recent past. For instance, over $18 million worth of XRP was withdrawn from Binance to an unknown Wallet.
Three days ago, Whale Alert identified 143,000,000 XRP, worth approximately $55,960,040, transferred from an unknown wallet to another anonymous wallet.
Notably, on-chain whale activity has been relatively high in the XRP market in the recent past as long-term holders increase their speculative exposure. Furthermore, the XRP market is heavily bolstered by both fundamental and technical aspects, which show a possible near-future breakout above its 2018 ATH.
XRP Market Outlook and Forward-Looking Analysis
The XRP market has partially rebounded from the FTX trauma. Notably, the recent XRP price pump has coincided with the predicted crypto Christmas rally. Moreover, Bitcoin price recently retested $18k, which was previously a strong support during the 2022 bear market.
Meanwhile, lawyers closely following the Ripple vs SEC lawsuit believe the end is drawing near. For instance, John E Deaton, the founder of cryptolaws.us and a firm of crypto enthusiasts, speculates that the Judge will deny the SEC motion for summary judgment.
Notably, Deaton thinks the Judge will find some XRP transactions by Ripple violating the security law. Nevertheless, Ripple continues to argue that it did not make any written investment contracts with XRP investors.
As such, all eyes are on the motion for summary judgment, which is expected to happen in the first half of 2023.
As XRP trades around $0.39, a Ripple win could send it to the roof and trade above $2. Otherwise, an SEC win could push back the digital asset to a new multi-year low.
Ripple Vs SEC Lawsuit Nearing Finale: Decoding the Possible Outcomes
Ripple and the SEC recently asked the judge presiding over their lawsuit to schedule a date in January 2023 by which time interested parties could submit their support or opposing briefs.
The parties want to make January 18 the deadline for opposing non-party sealing applications, which has also been verified by legal expert James K. Filan.
A number of legal experts have previously stated that the current circumstances of this case demonstrate that the two sides may settle the lawsuit at any time.
However, a major crypto participant has been heavily criticized recently for apparently spreading rumors. Here’s the juice.
Charles Hoskinson’s “Rumors”
Charles Hoskinson, the founder of Global and Cardano, revealed in an unexpected Ask Me Anything (AMA) session on Saturday that he had heard reports of a Ripple settlement with the Securities and Exchange Commission on December 15.
Hoskinson stated, “I’ve heard speculations that the Ripple case would be resolved on December 15 and we’ll just have to wait and watch, which might have disastrous repercussions for the sector.”
On the other hand, Eleanor Terrett, a reporter for FOX Business, tweeted, “It’s not true,” in response to these allegations. The reporter confirmed in a different tweet that there is no validity to the story, according to persons familiar with the situation.
Many people view Hoskinson’s statements as unfounded because the journalist has refuted reports of a Ripple settlement with the SEC twice in a few months. According to FOX Business, a settlement is slated to go down on November 15th, but the reporter said that’s not true.
David Gokhshtein’s Ripple vs. SEC Worst-Case Scenario
David Gokhshtein, Founder of Gokhstein Media, who wants to see Ripple succeed, has said that settling with the SEC would be the worst possible outcome of the litigation, as it would not result in regulatory certainty for the whole U.S. crypto business.
The leading Silicon Valley blockchain startup ought to win the lawsuit and not settle, Gokhshtein argued, based on his fears about the future of the industry.
Moving along the same vein, Jeremy Hogan offered his thoughts on the ongoing court case and hinted at four potential resolutions to the Ripple dispute.
Decoding the Lawsuit’s 4 Possible Outcomes
Attorney Jeremy Hogan has forecasted probable outcomes before the verdict.
- Hogan said Ripple may win if the summary judgment says XRP was not a security. Also, Ripple has no legal duties to XRP buyers.
- He warned that despite public perception, Ripple may lose the suit. Ripple’s risk of loss is around 30%, he said.
- Hogan said there’s a 19.1% possibility the judge will split the baby’ and not rule in favor of either party.
- The attorney highlighted that judges often issue surprise verdicts in litigation.
Wrapping up: A Summary
If the court rules in favor of Ripple, the value of XRP is likely to increase. However, if the case goes against the company, XRP may still recover. Recent developments in the crypto market have caused XRP’s growth to slow down, and without positive news from Ripple, XRP remains below the $0.40 support level. If XRP manages to break through this level, bulls will need to push it up to $0.45.
Both the crypto industry and the SEC have a vested interest in the outcome of the lawsuit. The sector hopes that Ripple will win, while the SEC wants to use the case as an opportunity to crack down on crypto businesses. If Ripple is successful in the lawsuit, it is possible that U.S. lawmakers will take action to provide clearer regulations for the crypto market or assign the CFTC to monitor the industry.
It is possible that the lawsuit may be resolved soon, though it is difficult to predict the exact outcome.
Ripple & SEC Call for a Summary Judgement! Is the Finale Impeding the Lawsuit?
The Ripple vs SEC lawsuit appears to have reached its “end game,” as the ‘Plaintiff’ and the ‘Defendants’ now seek summary judgment instead of a settlement. Both parties have filed substantive briefs, which have brought the case to its zenith. After filing the replies to the motions on the summary judgment, the case is now officially laid before Judge Torres.
In a recent video update, Attorney Jeremy Hogan who closely monitored the movements of the lawsuit lays down his predictions regarding the outcomes of the Ripple vs SEC case.
Referring to the SEC’s reply, Hogan stated that the SEC has given the court of law a much better and coherent position that XRP was sold as a security. It has made some good use of the cases that it prosecuted successfully, like the LBRY case and requested the court to analyse all the circumstances including the defendant’s statements, the economic reality of XRP, Ripple’s financial motivations and contractual terms for XRP sales.
In reply, Ripple has been fighting against acquisitions like never before and bought the case close to the summary Judgment. The company mentioned 4 important points in its reply which would turn pivotal while producing the judgement, The SEC has failed to prove,
- that all sales of XRP involved money
- XRP was not sold as an investment
- That there was no common enterprise
- XRP purchasers do not rely on ripple to increase the XRP price
So now that both parties have submitted their final argument, what’s next?
After reading every pleading in the case, listening to every single hearing along with researching every single issue, Hogan fetched 4 possible outcomes of which the most likely outcome which has a 50% chance of occurrence is Ripple winning the summary judgement.
Moreover, both parties collectively requested the court to set a deadline by which non-parties in the ongoing lawsuit must move on to seal any portion of the summary judgment. As per the letter filed, both Ripple and the SEC want Judge Torres to set a deadline of January 4, 2023, for the purpose.
I Hope Ripple Wins The Lawsuit Against SEC: Says Crypto Analyst Miles Deutscher
The post I Hope Ripple Wins The Lawsuit Against SEC: Says Crypto Analyst Miles Deutscher appeared first on Coinpedia Fintech News
The lawsuit between Ripple and the U.S Securities and Exchange Commission (SEC), which is expected to be settled in early 2023, was discussed on Twitter by cryptocurrency experts Miles Deutscher and David Gokhshtein. Deutscher feels it is important to support Ripple in this legal dispute, even if one does not like XRP.
Crypto influencer David Gokhshtein, also recently tweeted and conveyed a similar idea.
He wrote, “You don’t have to be a fan of Ripple or $XRP, but you should be rooting for them to win their case against the SEC. It would bring clarity to the #crypto industry. It would also keep innovation in the U.S.”
Ripple vs SEC Nears the end
There have been no developments in the ongoing SEC v. Ripple lawsuit, therefore XRP is now in the hands of the larger cryptocurrency market. The SEC v. Ripple case will continue to be a key factor in XRP price changes. Investor anxiety has crept in, holding back XRP from a rebound to $0.40 as investors wait for the Court’s decision on the Summary Judgment Reply papers.
Amicus Curiae counsel John Deaton noted in response to the well-known William Hinman speech,
“Judge Netburn specifically held that the way the SEC treated and evaluated BTC and ETH was relevant when considering the objective standard to be applied to the recklessness issue. Clayton and the SEC made a big mistake.”
XRP has had a contentious road on the market, failing to break out at least twice. Yet XRP has not experienced a steep decline. XRP price has been increasing since Nov. 10 despite the market slump.
Ripple VS SEC : SEC is Unlikely To Win the Lawsuit Says Attorney John E Deaton
Attorney John E Deaton explained in a long tweet if Ripple executives were reckless enough in not knowing XRP was a security. The thread was in response to a tweet by Sasha Hodder, another attorney. Hodder disclosed that Chris Larsen and Brad Garlinghouse will owe the SEC $450 million and $150 million, respectively, if the Ripple executives lose their legal battle with the SEC.
Having made his claims about the SEC case, Deaton brought in some facts and said that the SEC enforcement lawyers were allowed to own and trade #XRP until March 2019. He then said that in 2014, USGAO classified XRP as a virtual currency utilized in a decentralized payment system called Ripple. Deaton also added that in 2019, the FSOC Annual Report highlighted XRP, along with BTC, ETH, and LTC as virtual currencies gaining in market cap.
“In 2013 – yes 7 years before the lawsuit – @chrislarsensf gave a presentation to the SEC, CFTC, Federal Reserve & Treasury Department about Ripple’s plans to disrupt the global payment system by utilizing #XRP (SEVEN YEARS BEFORE THE LAWSUIT).”
In June 2018, SEC enforcement lawyers published a memo on #XRP that examined whether it met the Howey test. Because these lawyers are Howey experts, they concluded that neither enforcement nor a cease-and-desist order should be issued, he said.
Deaton then stated with certainty that Garlinghouse and Larsen stand a better chance than the SEC of obtaining summary judgment in the ongoing case. He continued by saying that suing the two executives, Jay Calyton, Hinman, and Marc Berger did Ripple a huge job. These executives are not accused of any fraud, misrepresentation, or omission. The SEC typically wouldn’t sue individual executives in a non-fraud case.
“This was personal and it was a stupid decision by the SEC. In March of 2021, I tweeted out that suing the 2 executives would prove to be a dumb decision because it placed a higher burden on the SEC to prove. Let’s be honest, this was hardball intimidation tactics by the SEC.”
He also called the SEC a ‘bully’ and said that If they didn’t charge the two executives with aiding and abetting, the Hinman emails may never have been ordered to be turned over.