Crypto Market News: Waiting for the Summary Judgment in the XRP demand continues despite positive developments in Ripple's favor of late. The US Securities and Exchange Commission's (SEC) argument fell short as Judge Analisa Torres, who is overseeing the lawsuit, rejected the agency's request to withhold the Hinman documents. . Meanwhile, in March 2023, the judge issued a ruling on motions by either party to bar expert witness testimony. This was seen as a victory for the Ripple XRP community, as the ruling meant a neutral outcome for both Ripple and the SEC.
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In a more recent development, Ripple CEO Brad Garlinghouse foretold that the XRP Vs SEC lawsuit could conclude in a matter of a few weeks. CoinGape reported that the CEO hinted that a resolution on the Hinman documents could lead to a judgment issued in the coming weeks.
XRP Lawyer: Good Luck Predicting Summary Judgment
John Deaton, the lawyer representing the more than 70,000 XRP token holders in the SEC lawsuit, indicated that the summary judgment could take longer than expected. On my behalf, I simply say to Brad Garlinghouse, good luck with that prediction, he saying in a tweet in response to news of the prediction. Regardless of the timeline of the lawsuit, the ruling could have a life-changing impact on the cryptocurrency market, as the outcome could be used as a benchmark for other cryptocurrency lawsuits in the future.
The SEC had been targeting various crypto firms for breaching regulations since early 2023. The agency is also expected to continue its โenforcement for actionโ stance when it comes to crypto market compliance.
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