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HomeNewsRipple on the Win as SEC Suffers Important Setback in XRP Lawsuit

Ripple on the Win as SEC Suffers Important Setback in XRP Lawsuit

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  • Ripple claimed that the SEC suffered a setback in their lawsuit against the company.
  • The SEC filed a lawsuit against Ripple in December 2020, alleging that Ripple sold unregistered securities in the form of XRP tokens.

Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) has recently taken a new turn. Ripple has claimed that the SEC suffered a setback in the lawsuit, which could potentially lead to a favorable outcome for Ripple. Furthermore, Ripple has predicted when the summary judgment in the case will be delivered.

Background on the SEC Lawsuit Against Ripple

The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that Ripple and its executives sold unregistered securities in the form of XRP tokens. The SEC claimed that Ripple raised $1.3 billion through unregistered sales of XRP, which is the third-largest cryptocurrency by market capitalization. Ripple has denied the allegations and has argued that XRP is not a security but a digital currency similar to Bitcoin and Ethereum.

Ripple’s Latest Claims

Ripple stated in a recent quarterly report that the SEC had failed to convince the court to provide it with internal documents from Ripple. The documents in question are reportedly related to Ripple’s legal advice on whether XRP is a security or not. Ripple claims that the documents would show that the company acted in good faith and did not intend to violate securities laws.

Ripple has also predicted that the summary judgment in the case would be delivered in 2023. A summary judgment is a legal ruling that is issued by a judge before the case goes to trial. In this case, the summary judgment would determine whether XRP is a security or not. If the judge rules in favor of Ripple, the case would be dismissed. If the judge rules in favor of the SEC, the case would proceed to trial.

What This Means for Ripple and the Cryptocurrency Market

If Ripple’s claims are true, it could potentially lead to a favorable outcome for the company. The documents in question could provide evidence that Ripple acted in good faith and did not intentionally violate securities laws. Additionally, if the judge rules in favor of Ripple in the summary judgment, it would be a significant win for the cryptocurrency industry as a whole. It would establish legal precedent that XRP is not a security, which could lead to increased adoption of the cryptocurrency.

It is important to note that the outcome of the case is still uncertain. The judge could rule in favor of the SEC in the summary judgment, or the case could proceed to trial. Even if the judge rules in favor of Ripple, the SEC could still appeal the decision. The legal battle between Ripple and the SEC is likely to continue for some time, and it remains to be seen what the ultimate outcome will be.

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Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: info@ethnews.com Phone: +49 160 92211628
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