- Ripple Labs Inc.’s legal battle against the U.S. Securities and Exchange Commission (SEC) is on the verge of a major development, with a verdict anticipated within days, according to former SEC regional director Marc Fagel.
- The concerns raised by an XRP community member regarding potential SEC lawsuit dismissals before a summary judgment led Fagel to provide insights, suggesting that the complexity of the case is likely causing delays rather than any intentional motives.
The protracted legal dispute between Ripple Labs Inc. and the U.S. Securities and Exchange Commission (SEC) is edging closer to a decisive moment, with industry veteran Marc Fagel sharing his perspective on the case and indicating that a verdict could be imminent.
Fagel’s remarks were prompted by a tweet from a member of the XRP community who expressed concerns over the SEC dropping lawsuits before a summary judgment, raising the possibility of undermining the authority of the presiding judge. The tweet further suggested that any delay in the ruling might create confusion and speculation regarding intentional encouragement of uncertainty due to public reactions.
While Fagel avoided engaging in speculation, he expressed his belief that a verdict in the Ripple v. SEC case could be expected within days. He attributed any delays in the proceedings to the inherent complexity of the case, dismissing the notion of ulterior motives influencing the timeline.
Furthermore, Fagel clarified that Ripple, the entity behind the XRP cryptocurrency, is distinct from other recent SEC enforcement actions. He emphasized that the judge’s ruling is unlikely to address secondary market trading issues and that the disputed Hinman emails may only be referenced in connection to the liability of the individual defendants.
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Adding to the discourse, John Deaton, an attorney and legal representative for XRP holders, offered his perspective on the matter. Deaton criticized the SEC’s approach of charging individual executives with aiding and abetting based on a recklessness standard, deeming it a significant mistake. He expressed confidence that a reasonable jury would not find the executives in question to be reckless.
As the Ripple v. SEC case approaches its potential resolution, the cryptocurrency industry eagerly awaits the forthcoming verdict, recognizing the far-reaching consequences that the outcome will have for Ripple Labs Inc. and the regulatory landscape surrounding digital assets.
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