VOT Research Desk
Market Analytics and Considerations
- Along with eleven other organisations, Ripple is supported by companies including Coinbase and the Blockchain Association.
- The Securities and Exchange Commission turning over the Hinman records allowed the lawsuit to advance at the end of October.
- The Summary Judgement has been delayed until March 2023 due to the altered timeframe following the approval of the Amici Briefs filing extension petition.
For about two years, Ripple has been engaged in legal conflict with the Securities and Exchange Commission (SEC). In the most recent development, Ripple’s allies are currently drafting amicus briefs, or expressions of support, which aid a court by offering data, knowledge, or insight relevant to the case’s concerns.
Bitcoin and its backers
The twelve advocates of Ripple were granted permission to file their Amicus Briefs on November 14 by US District Judge Analisa Torres, who is presiding over the case. The Blockchain Association and Coinbase are just a couple of the several businesses and people on the list. According to the order, they have until November 18 to submit their briefs. On November 14, Coinbase has acknowledged their filing.
|Motions to file Amici Briefs in the case of #XRPCommunity #SECGov v. #Ripple #XRP Judge Torres has approved. The official briefs must be submitted by November 18, 2022, on behalf of the Association, six XRP holders, Coinbase, the CCI, Valhil, Cryptillian, Veri DAO, Reaper Financial, InvestReady, NSEI, and Paradigm.|
When Judge Torres requested the SEC to turn over the Hinman records, the lawsuit took a positive turn for Ripple last month. These records made reference to the SEC internal communications and early versions of his infamous 2018 address, in which he claimed that Ethereum wasn’t really a security. Despite the fact that they are of comparable nature, this opened up the conversation over the targeted quest of XRP.
This has now accelerated the case’s resolution. The schedule indicates that the filing of an umbrella move to seal all the documents relevant to the summary judgement will be the next significant event in the case.
The SEC’s choice to not follow Ethereum has been up for discussion for some time. Charles Hoskinson, co-founder of Cardano and Ethereum, provided the following justification:.- meaning:-
They took this stance because, by the time they could act, ethereum had a sizable ecosystem of decentralised applications (dapps), a lot of venture capitalists, and a tonne of oligarchs with political clout, while bitcoin was given a pass on proof-of-work. That was not extortion. It is a fact. The path of least resistance is chosen by regulators.
The release of the Hinman records will prompt inquiries about why XRP was not granted the “Ethereum free ticket,” given that the SEC has not established that XRP is “not really a security.” Hoskinson concurred and said as follows:
However, it has to be seen how successfully this benefits Ripple. According to lawyer James Filan’s tweets, the matter is anticipated to be resolved by March 2023.
“I am sticking to my prediction that District Judge Torres will decide both the Expert Motions and the Summary Judgment motions at the same time – on or before March 31, 2023.”- Source:coinpedia.org
