The lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) is coming to an end, with the entire cryptocurrency industry eagerly awaiting the final verdict. The legal battle is important because it provides much-needed regulatory clarity in the United States, which lacks a comprehensive framework to govern the industry.
On May 16, Judge Torres issued an important ruling denying the SEC’s request to keep Hinman’s documents confidential. So it looks like the court intends to make the documents public, with June 6th expected as the release date.
Recently, Ripple and the SEC jointly filed a letter requesting a one-week extension. Accordingly, the deadline to file a public summary judgment motion and supporting evidence, including Hinman’s documents, has been rescheduled to June 13, 2023.
XRP Enthusiasts Turn Optimistic
According to former Chief Policy Officer Sam Lyman, Ripple may have a chance to win once the documents are released to the public.
One of the reasons Ripple has an advantage is that the company employs a legal team. According to John E Deaton, Ripple’s legal team includes formidable figures such as former law enforcement executive, ex-litigation executive, and ex-criminal executive.
Comments by Former SEC Commissioner
Joseph Grundfest (former SEC Commissioner) had some comments on the incident in a recent interview. Initially, he expressed sympathy for the SEC, as it is a regulatory regime not designed to deal with the issues and challenges surrounding cryptocurrencies.
However, in the interview, Joseph stated that he wanted to know why the lawsuit was filed against Ripple Labs, as well as the timing and significance of the incident. He doesn’t think the lawsuit will help provide an important solution for compliant cryptocurrencies in the future.
traders proceed with caution
Many in the crypto space believe that the disclosure of the Hinman documents will give Ripple enough reason to win the case, which will have a positive impact on XRP. However, not everyone thinks so.
According to Coinglass data, the sentiment among traders has been rather negative as short positions on XRP have increased over the past few days.
The price of XRP also fell during this period. At the time of writing, it is trading at $0.46. The network growth rate is also low, indicating that new users have no interest in buying XRP.
However, the pace has remained consistent over the past few weeks, showing that the coin is still actively trading despite wild price volatility.
The release of the Hinman filing and the outcome of the lawsuit provided some positive momentum for the XRP price. Additionally, other Ripple developments are also helping to improve the status of XRP.
Ripple Enters New Markets
Ripple recently unveiled its real estate tokenization solution in Hong Kong’s first e-HKD pilot project.
The real-world asset tokenization industry is expected to grow into the trillions of dollars by 2030, thereby attracting significant interest in using this method to tokenize goods, especially real estate and movable property. Ripple has developed a compelling use case integrating electronic Hong Kong dollars, tokenized real estate, and lending protocols. The solution will run on a private and secure ledger, utilizing the same technology as the XRP Ledger (XRPL).
Additionally, Ripple is also working on its CBDC platform. The company is actively working with more than 20 countries on central bank digital currency (CBDC) initiatives. Through the partnership, Ripple has made significant improvements to its CBDC platform, ensuring it meets the specific requirements of many regions. This advanced platform allows entities to customize their monetary plans and prototypes using the new CBDC platform.
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According to AMBCrypto