There has been a legal battle between the US Securities and Exchange Commission (SEC) and Ripple for over two years. However, there will be a critical hearing on January 30 that will affect cryptos. According to experts in the industry, this date will be important for all cryptocurrencies. Here are the details…
It’s been two years since the Ripple lawsuit
It’s been two years since the US Securities and Exchange Commission (SEC) sued blockchain startup Ripple for violating securities laws during its sale of XRP in 2013. cryptocoin.com As we have also reported, Ripple and its lawyers have strongly defended their stance throughout 2022. The San Francisco-based blockchain startup has recorded several micro gains when it comes to accessing old SEC documents.
As the summary judgment quickly approaches, the Ripple and SEC case is getting more and more fascinating. Both the defendants and the prosecution are trying to keep their comments in court. Furthermore, the SEC claims that Ripple has illegally sold its XRP, but has not provided any substantial evidence.
Lawyer: January 30 hearing is important for cryptocurrencies
According to the latest development, attorney John E. Deaton, representing Ripple in this case, noted that the hearing on January 30 will be one of the most important hearings for Ripple. This concerns Ripple’s ally LBRY, who was allowed to hear a verbal argument of the SEC’s motion to limit their access. The courts accepted LBRY’s requests and agreed to hear the allegations. Attorney Deaton believes this could be a defining moment in Ripple’s battle with the SEC. The lawyer used the following statements:
The January 30 hearing on @LBRYcom’s Action to Limit the SEC’s Resolutions is arguably the most important crypto hearing to date. The SEC is seeking liquidation from a non-partisan, but at the same time, the language the SEC proposes for permanent injunction is important.
A look at the SEC’s demands
The attorney noted that the US SEC is seeking a liquidation that could potentially have greater implications and set a bad example against a non-partisan organization. Additionally, attorney John E Deaton highlighted the SEC’s intention to propose a permanent directive that could allow the SEC to access secondary markets and not allow transactions. Deaton also criticized the SEC for improperly demanding punitive purge.
There have been multiple turns in the SEC’s fight against Ripple. The U.S. Securities and Exchange Commission (SEC) backed out in disclosing the documents of Hinman’s speech. In their latest filing, the SEC said they were still not ready to release Hinman’s documents to the public. On the other hand, the US Department of Justice (DoJ) recently classified crypto assets such as MNGO and CRV as commodities, not securities. Thus, Ripple gains an advantage over the US SEC.
