Get 125% / $2,500 on 1st deposit!
New players only. Exclusive Welcome Bonus of up to $2,500
Ripple, a leading payments firm, recently disclosed in its XRP Markets Report for Q1 2023 that the U.S. Securities and Exchange Commission (SEC) encountered a challenge in the ongoing lawsuit against the company. The SEC filed the suit, alleging XRP to be an unregistered security, and Ripple has since been locked in this legal battle.
In the latest update, Ripple revealed that some testimonies from the SEC’s experts were removed from the court record. Judge Analisa Torres, who is presiding over the lawsuit, delivered the opinion in March.
“On March 6th, the Court issued a 57-page opinion determining which opinions of the SEC’s and Ripple’s experts can be considered on summary judgment (and, if necessary, at trial) and which opinions need to be ‘stricken.’ Notably, the testimony from the SEC’s expert regarding the ‘reasonable expectations of an XRP purchaser’ was struck from the record, along with their expert who attempted to determine what ’caused’ the price of XRP to change.”
As for the summary judgment’s expected timeline, Ripple commented:
“Ripple anticipates a decision on summary judgment in 2023, although the final timing is at the discretion of the Court.”
Reacting to the dismissal of the SEC’s expert testimonies and the retention of Ripple’s own, Stuart Alderoty, the company’s General Counsel, expressed increased confidence in their case last month.
“On the other hand, our experts explaining how Ripple’s contracts distinctly differ from those in ‘Howey,’ the tax treatment of XRP (not a security), accounting treatment of XRP (not a security), and currency experts on XRP (not a security) are all allowed to remain in the case.
As we have consistently stated, we have always been confident about our case, and with each ruling, our confidence grows even stronger.”
The ongoing Ripple SEC lawsuit has seen some recent developments, with certain expert testimonies from the SEC being struck from the court record. Meanwhile, Ripple’s own expert testimonies remain intact. Ripple anticipates a decision on summary judgment in 2023, and as the legal battle unfolds, the company remains increasingly confident in its case.