- Ripple’s lawsuit against the SEC is reportedly nearing its resolution. According to reports, SEC could not appeal the recent partial ruling of Judge Analisa Torres in Ripple Labs favor.
- This move is a strategic one by the SEC to avoid further escalated litigation in higher courts.
Recent developments in the Ripple-SEC litigation suggest that it may be close to its conclusion. A recent report indicates that the U.S. Securities and Exchange Commission may not appeal Judge Analisa’s recent summary judgement that favors Ripple. The SEC is likely to be trying to prevent a further escalated case before the highest court.
The crypto community is anticipating the ruling of the courts on the remedy phase scheduled for the summer end 2024. After which, the SEC could initiate an appeal procedure, according to the Crypto News Flash report.
Kristina littman, the former director of SEC Enforcement’s Cyber Unit shared recent insights about the SEC potential further actions. In addition, she speculated on the SEC’s willingness to accept a District Court ruling based upon other judicial decisions in similar situations. She stated:
If the Ripple case is appealed, I will be interested to know if there are any parties who appeal.
Littman has also highlighted a potential conflict of interest that could complicate a decision on appeal. “I think there’s some speculation that because Judge Rakoff and the Terra opinion explicitly disagreed with Judge Torres’ logic from the Ripple opinion, and then Coinbase doesn’t address the Ripple opinion as much but you know pretty explicitly adopts the Terra logic,” Littman, said
Kristina Littman, the #SEC Please confirm this statement. #SEC It is not appealing #Ripple case? 👀👀👀
She is aware of the outcome. pic.twitter.com/ilzqC74Ho3
— wEeZiE {X}💭John Deaton 4 Senate (@NerdNationUnbox) June 19, 2024
Ripple registers another micro win, XRP’s security status remains unclear
Recently, the legal fight between Ripple’s and SEC’s intensified. A significant update was issued by the U.S. District Court for Northern District of California, which dismissed some key claims against Ripple in a lawsuit filed as a part of a group action. This marked a procedural victory for Ripple.
Ripple was granted summary judgment by Judge Phyllis Hamilton on class claims involving unregistered securities, and claims based on state securities law. As a result, a large portion of Ripple’s class-action allegations were effectively dropped. Stuart Alderoty – Ripple Chief Legal Officer – expressed his satisfaction at the court’s ruling.
Despite the dismissals of these claims, the Court did not decide whether XRP was a securities, leaving the crucial question up to a jury based upon the Howey Test.
In a separate civil securities suit against Ripple CEO Brad Garlinghouse in California, the judge has ruled that ruled Garlinghouse faces trial on allegations that it made misleading statements regarding XRP purchases in 2017, according to the Crypto News Flash report.
The California District Court’s Judge Phyllis Hamilton ruled on June 20, setting the stage for a trial to decide whether Brad Garlinghouse lied about his confidence in XRP during a BNN Bloomberg interview from 2017, where he expressed this strong belief despite allegedly having sold millions of XRP coins that same year.
XRP, Ripple’s native cryptocurrency continues to be under pressure. As of the time this article was published, the XRP is currently trading at Down 1.12% At $0.48, the market capitalization is 27.3 billion.
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Source: www.crypto-news-flash.com