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- Ripple scores another win against the SEC in court; However, the legal battle continues with a trial date set for April 23, 2024. The SEC may appeal after the trial.
- The Ripple vs. SEC outcome is pivotal for the cryptocurrency industry, and will likely redefine regulatory guidelines on what is considered a security.
- Ripple’s recent updates: Controversial Clawback feature introduced, Ripple named to Fintech 100 list, Chase Bank enables XRP payments via new partnership.
The battle has just begun
The SEC is on a losing streak in court. This week we saw Ripple get another win after Judge Analisa Torres rejected the SEC’s request to appeal the case because it failed to meet its burden of proof, highlighting its lack of evidence.
Ripple lifted sentiment following the news, and XRP rose more than 5% shortly after. The XRP community has declared victory, which may be very soon, as this long-running legal battle is far from over.
In the same court ruling, Judge Torres set a trial date of April 23, 2024. Both parties must submit all necessary pre-trial documents and exhibits by December 4, 2023.
But here’s the rub: The SEC can appeal the case once the trial is over, and the odds are high that the standard litigation process allows for post-trial appeals, getting the case back on track.
Elliott Z. stated: Stein, a senior litigation analyst at Bloomberg, said the court rejected only the preliminary appeal before the final ruling in the case. This means that it was just an immediate appeal before the actual trial.
correct. This only led to the rejection of the preliminary (i.e. immediate) appeal before the final ruling in the case. Appeals (possibly from both sides) will continue to follow the normal course of litigation after the individuals are tried in April and remedies are determined. pic.twitter.com/ncTdrj8Cly
-Elliot Z. Stein (NYCStein) October 4, 2023
The final judge in the case could have a major impact on cryptocurrencies
The Ripple v. SEC case has generated a lot of controversy since it began nearly three years ago. The regulator accused the company of selling unregistered securities, sparking a heated debate over what constitutes a security.
But things didn’t go quite as the SEC expected, which may explain its surprising behavior against the cryptocurrency industry, with the agency’s head, Gary Gensler, stating that the industry is full of traffickers.
The outcome of this case could be one of the most important catalysts for XRP and the cryptocurrency community as a whole. Whether this outcome is positive or negative, it will determine what gives the SEC jurisdiction over security and redefine the regulatory landscape.
Latest updates on Ripple and XRP
The past couple of weeks have been very busy for Ripple, both on the legal and environmental front.
Regarding the XRP community, there is a new feature that is generating controversy: the Clawback function:
- Clawback, a feature of XRP Ledger version 1.12.0, allows asset issuers to claw back tokens if they suspect the receiving portion is fraudulent or loses account access.
- It was controversial. The community is concerned if this will give exporters excessive control or the potential for abuse.
In other news, Ripple has been named to the Fintech 100 list for modernizing the way cross-border payments are settled.
Finally, Chase Bank, one of JPMorgan’s largest financial institutions, recently partnered with blockchain settlement system FCF Pay to allow customers to use cryptocurrencies as a means of payment, which includes Ripple’s XRP and Shiba Inu (SHIB).
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