Ripple Vs SEC Lawsuit Update: New Predictions Hint At Win For SEC; Industry On Edge
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The Ripple vs. SEC lawsuit has reached its final stage and has the entire crypto industry on the edge of its seat. This lawsuit has the potential to set a precedent and provide the crypto industry in the US with much-needed regulatory clarity.
Several predictions have been made regarding the final ruling on the lawsuit, and a majority of these predictions favor a win for Ripple. However, recent updates suggest the SEC stands a fair chance, too.
Can SEC Win The Lawsuit?
The court recently denied the SEC’s request to seal the Hinman Documents. These documents are related to a 2018 speech by Bill Hinman, the former director of the Securities and Exchange Commission’s corporation finance division. In his speech, Hinman essentially declared that Ether (ETH) was not considered a security. These documents are crucial as they can aid in establishing that XRP is not a security, which lies at the core of the Ripple vs. SEC lawsuit. This indicates that Ripple is just near the finish line.
However former Ripple Labs executive Matt Hamilton has now expressed an unpopular opinion- he thinks that the odds of the SEC winning the case are still very high.
Sharing his perspective on the recent findings in the case, he stated in a Twitter reply that everyone knows what the outcome should be. However, that does not necessarily reflect the vagaries of the US regulatory and legal system. Even though all the predictions and assessments relating to the lawsuit could be accurate, there’s still a chance that the “unpopular” party score a win.
In our hearts we all knew this, but alas that doesn’t reflect the vagaries of the US regulatory and legal system. We could still be right, but the SEC could still win the case.
— Matt Hamilton (@HammerToe) May 21, 2023
The End Is Near
We might not have to wait too long to know, though.
At a recent fintech summit in Dubai, Ripple CEO Brad Garlinghouse shared an update on the ongoing legal dispute between Ripple and the SEC. He conveyed his optimistic outlook, expressing confidence that the SEC case against Ripple would reach a resolution within the next two to six months, preferably before the third quarter. Moreover, pro-crypto lawyer Bill Morgan, also stated in a tweet that the resolution of the case is likely to take place within the same time frame, and could even be resolved as early as next month.
Expectations of Settlement
The Ripple Vs SEC lawsuit has been dragged on since 2020 and at this juncture, the chances of a settlement appear slim. Despite discussions and predictions regarding potential settlements, neither party has provided any substantial information on the matter.
Filed under: Bitcoin - @ May 22, 2023 12:17 pm