[ad_1]
The issue continues to see new developments from stakeholders as the cryptocurrency community awaits a final date for a lawsuit between blockchain company Ripple and the Securities and Exchange Commission (SEC).
In particular, the court has allowed attorney Louis Cohen to appear in the case on behalf of defense attorney James Filan of Paradigm, a cryptocurrency venture capitalist firm. clearly In a tweet on December 28th
Notably, Cohen filed a motion to appear before Pro Hac Vice, hoping the matter could be stopped in jurisdictions where he was not licensed to practice. means
In his motion, “The Inevitable Modality of Securities Law: Why Fungible Crypto Assets Are Not Securities,” stressed that there were no pending disciplinary proceedings against him in any state.
It’s worth mentioning that Paradigm was involved in Ripple’s past minor victories in lawsuits that led to predictions that the blockchain company could win the lawsuit. Filed an Amicus brief to strengthen Ripple’s defense.
Ripple and SEC updates
The lawsuit is now in its third year, and the parties have since filed final filings, though initial rumors indicated the matter may have been resolved on December 15. rice field.
The regulator has come under criticism for filing a motion to try to seal some documents in the lawsuit. The SEC wishes to seal the names and identities of SEC experts and XRP investor declarants, personal and financial information, and documents in the SEC Internal Documents category that reflect discussions and deliberations by SEC staff.
Some critics have accused the SEC of being corrupt for failing to track actors like the now-collapsed FTX cryptocurrency exchange.
Meanwhile, pro-XRP attorney John Deaton predicts a final ruling could be handed down in April or May next year. Nicole Tutts, an attorney representing co-defendants in the lawsuit, has filed a motion to withdraw.
According to Tatz’s filing, she noted that another attorney at law firm Cleary Gottlieb Steen & Hamilton LLP will continue to be Ripple CEO Bradley Garlinghouse’s attorney of record.
The outcome of this lawsuit is highly expected to impact the value of the crypto sector, especially XRP. Specifically, the SEC is suing Ripple for illegally selling $1.3 billion worth of his XRP tokens as securities between 2013 and December 2020.
XRP price analysis
XRP is currently trading at $0.35, up more than 3% over the past 24 hours. Overall, the token is in a consolidation stage and unable to make a decisive move in either direction.
Overall, XRP investors are likely to monitor the token’s performance and are not immune to general market effects outside the case.
[ad_2]
Source link
