- Ripple stated that the US Securities and Exchange Commission (SEC) had a setback in the case.
- Statements from some SEC experts may have been removed from court records.
Ripple (XRP) executives are expecting a summary judgment soon – SEC has had a setback in court.
Latest Status in Ripple v SEC Case!
Ripple says that the US Securities and Exchange Commission (SEC) has had a setback in the case it brought against the payment company, claiming that XRP is an unregistered security.
In the XRP market report for the first quarter of 2023, Ripple says that some statements from SEC experts were removed from court records, according to an opinion given by Judge Analisa Torres last month;
“On March 6, the Court issued a 57-page opinion deciding which views of the SEC and Ripple experts could be considered in the summary judgment (and, if necessary, at trial) and which views should be ‘captured.’ The SEC expert’s statement regarding ‘a reasonable XRP purchaser’s expectations,’ along with the expert trying to determine what ’caused’ changes in the XRP price, was removed from the records.”
Ripple says the following about when the summary judgment will be given:
“Ripple is expecting a decision on the summary judgment in 2023, but the timing is ultimately up to the court.”
Stuart Alderoty, general counsel for the payment company, who holds Ripple’s own statement, reacted to the rejection of SEC expert statements, saying that Judge Torres’ opinion last month increased their confidence in their case:
“Meanwhile, our experts who explained that Ripple’s contracts are clearly different from those in Howey, that XRP is not a security for tax purposes, that XRP is not a security for accounting purposes, and that XRP is not a security for currency experts, are all allowed to stay inside. As we have said from the beginning, we have always been more confident in our case and every decision we make.”
