The post Ripple (XRP) Braces for Crucial SEC Lawsuit Decision: Torres’ Remedies Phase Looms appeared on BitcoinEthereumNews.com.

The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) continues to capture the attention of the crypto community. Recent developments suggest that the final judgment in the remedies phase by Judge Torres is expected in Q3 2024. Experts believe that the Financial Innovation and Technology for the 21st Century Act (FIT21) could significantly impact the outcome of the Ripple lawsuit. Stay updated on the latest developments in the Ripple vs. SEC lawsuit and how new regulatory frameworks could shape the future of XRP and the broader crypto market. Ripple Vs SEC Lawsuit and the Impact of the Crypto Bill The U.S. House of Representatives recently voted on the Financial Innovation and Technology for the 21st Century Act (FIT21), marking a significant step towards establishing a regulatory framework for digital assets. This bill aims to provide clarity on the crypto market structure and delineate the jurisdictions of the Commodity Futures Trading Commission (CFTC) and the SEC in regulating the crypto industry in the United States. If enacted, the crypto bill will affect ongoing lawsuits involving major crypto exchanges like Coinbase and Binance. Notably, the bill could also influence the XRP lawsuit, as lawmakers have acknowledged that Judge Torres’ summary judgment in July 2023 played a crucial role in shaping the bill’s provisions. Interestingly, a section of the crypto bill echoes Judge Torres’ ruling that XRP itself is not a security. The bill states, “A digital asset sold or transferred or intended to be sold or transferred pursuant to an investment contract is not and does not become a security as a result of being sold or otherwise transferred pursuant to that investment contract.” Ripple’s Position and Legal Strategies In response to concerns that XRP might not be considered decentralized, attorney Bill Morgan clarified, “The legislation…

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Filed under: News - @ May 26, 2024 1:06 am