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- Ripple Vs. The SEC lawsuit is again in the limelight as the SEC wishes to file an objection to the amicus letter.
- The community has been waiting for the final verdict of this lawsuit for more than a year now.
- At the time of writing, XRP is trading at $0.4024 and is down by around 1.2%.
It’s been over a year since the Ripple Vs. SEC lawsuit‘s existence. And now, the case is again in the limelight as the Securities and Exchange Commission has signified to the court its plans to file an objection against an amici request.
What happened was that attorney John Deaton filed a petition to step in the SEC lawsuit against Ripple. Although his request was denied, the court granted six XRP holders the amici status (friend of the court), and they would file briefs approved in advance by the judge.
Deaton requested the court to file a brief on behalf of other holders hurt by the SEC’s action earlier in the month. This came following SEC bringing expert witness Patrick B. Doody to testify on what the XRP holders had in mind when they were buying the virtual asset.
And now, the case has taken another turn as the SEC is requesting judge Analisa Torres for a time extension till June 7 to file an objection to the amicus letter. They ask for an extension based on the upcoming holiday and other briefing deadlines.
Because the defendants and counsel for amici curiae have no objection regarding the request, there are chances that the judge will grant it.
When Would The Verdict Come?
The SEC and Ripple lawsuit is still on the large, and the community members are long awaiting the final verdict. Although it is completely unknown who will win the case, many believe that it would favor XRP and may give a spike in XRP price.
However, whoever wins, would impact the asset class because if SEC wins, it might open the doors to worldwide scrutiny for digital assets. And if XRP proves itself, you know what would gain the plus points on its side!
At the time of writing, XRP is trading at $0.4024 with a market cap of $19,451,298,269 and is down by around 1.2%.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
