Ripple Alleges that the SEC Suffered a Setback in the XRP Lawsuit

The post Ripple Alleges that the SEC Suffered a Setback in the XRP Lawsuit appeared first on Coinpedia Fintech News

The Ripple vs SEC lawsuit has been a hot topic in the crypto world, with many eagerly awaiting its outcome due to the potential impact it could have on regulatory clarity in the USA. According to Ripple, the U.S. Securities and Exchange Commission (SEC) recently experienced a setback in the case it brought against the payments company, claiming that XRP was an unregistered security.

XRP Markets Report reveals SEC suffered a setback 

Ripple releases the XRP Markets Report on a quarterly basis to keep investors updated on the state of the cryptocurrency markets, including sales figures, announcements related to XRP, and commentary on market trends. 

According to Ripple’s recently published XRP markets report for Q1 2023, Judge Analisa Torres, who presides over the ongoing SEC lawsuit, issued an opinion last month that resulted in certain testimonies from SEC experts being struck from the court record.

Under the heading “Update on the SEC Lawsuit Against Ripple,” the report stated that on March 6, the court issued a 57-page opinion regarding which opinions from both the SEC and Ripple’s experts would be considered during summary judgment and trial, and which ones needed to be struck from the record. The court struck the SEC’s expert testimony on the “reasonable expectations of an XRP purchaser,” as well as their expert who attempted to determine the cause of the price changes in XRP.

Last month, Stuart Alderoty, general counsel for Ripple, expressed confidence in their case after the court rejected the SEC’s expert testimonies but retained those of Ripple. Alderoty highlighted that the court allowed Ripple’s experts to stay in, specifically those who explain how Ripple’s contracts differ from those in the “Howey” case, the tax and accounting treatment of XRP, and the currency experts on XRP. He concluded by stating that Ripple has always felt confident about their case and with each ruling, their confidence grows stronger.

Date for Summary Judgement on the case 

According to the report, Ripple also provided an update on the anticipated delivery of the summary judgment, stating that while the company expects the decision to be made in 2023, the actual timing will be at the discretion of the court.