- John Deaton cited other instances and believes the verdict may take 30-60 days.
- XRP price shoots up on investors’ hopes by over 17% in a week.
Ripple vs. SEC lawsuit remained one of the most talked about matters in the cryptosphere for some time now. Many in the broader crypto community seek the result of the legal battle between the payment protocol and the US regulator. The ongoing case missed its earlier anticipated deadline for the case’s result on March 31. XRP community’s attorney, John Deaton, came up with the clarification and tentative dates for the finalization.
Deaton stated in his tweet on March 31 was not the deadline for judge Analisa Torres to rule the judgment. The decision, not bound to come within a certain limit, could come by the next hour or even stretch to more than 30 to 60 days. Recalling Judge Torres’ previous cases, the attorney added that her summary judgment on a case takes only several months after her “Dauber/Expert’s decision.” The case did not complete more than three months after its summary judgment, he added.
The Ripple vs. SEC lawsuit has stretched for years now. In 2020, the Securities and Exchange Commission sued payment protocol Ripple Labs and its executives for the transfer of its native token XRP, considering it as an unregistered security.
According to the SEC, it filed an action against the company along with its co-founder and former CEO, Christian Larsen and current CEO, Bradley Galinghouse in December 2020. It was said that about 1.3 billion USD worth of funds were raised through the sale of unregistered securities.
Since the case has been through a lot of developments and turned out to be crucial enough that many in the industry think that it could change the future perspective. The result of the SEC’s case against Ripple is likely to clarify further journeys for the burgeoning cryptocurrency market, which often falls tangled with unclear regulations.
The recent enforcement actions of the US financial watchdog in the past clearly showcase the intentions to regulate the crypto market. Winning the case against Ripple would give SEC an upper hand in its efforts. However, in many instances, many legal experts and people closely observing the case have drawn the likelihood of Ripple winning the case.
Amid the optimism of the verdict to favor Ripple, its native crypto asset XRP witnessed a surge in its price. Currently, XRP is trading over 0.52 USD after a jump of more than 17% in the past week, according to CoinMarketCap. Since the start of this year, cryptocurrency has gained over 50% of its value.
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.