Ripple’s general counsel anticipates judge’s ruling in Ripple’s lawsuit in first half of 2023
The aspirations of top Ripple executives for 2023, with a focus on crypto usefulness, are disclosed in a Ripple Insights study. “What does 2023 hold for crypto and blockchain?” the paper continues. In a nutshell, utility. This was the mantra of every Ripple CEO who made predictions for the year.
The Ripple leadership team is certain #crypto utility will play a major role in 2023.
SVP of Eng Devraj Varadhan notes, “Companies able to master the on-ramps and off-ramps to crypto will earn a significant competitive advantage for years to come.”https://t.co/KYliXYCVMh
— Ripple (@Ripple) January 10, 2023
Ripple Unveils Crypto Utility Focus for 2023, XRP Price in Green
Most of the hopes for cryptocurrency this year revolve around its application for real-world utility.” “Greater utility lies at the base of continued institutional adoption of crypto and blockchain,” according to the research. The XRP price was up 4.39% in the last 24 hours at $0.3774 at the time of publication. Notably, XRP outperforms the top ten in terms of daily gains.
XRP/USD 4-hour chart | Source: TradingView
Ripple General Counsel Stu Alderoty anticipates reading the judge’s verdict in Ripple’s continuing litigation with the SEC in the first half of 2023 — and that it will be in Ripple’s favor. He believes that this will be the impetus needed to move the US bitcoin industry forward and prevent corporations from offshore their crypto activities.
According to Devraj Varadhan, SVP of engineering at Ripple, there will be a broad movement in the market away from highly speculative enterprises and toward businesses that leverage crypto solutions to fulfill unmet customer requirements and real-world problems, in part as a response to the upheaval of 2022.
According to Brooks Entwistle, SVP and managing director of APAC at Ripple, liquidity problems will continue to kill cryptocurrency start-ups that rely on hype cycles. He compares the current state of affairs to the “dot-com bubble.” Despite the market fall, Ripple MD of Europe Sendi Young believes that institutions will accelerate their long-term adoption of crypto solutions due to potential efficiency, transparency, and speed improvements.
Ripple’s VP of impact, Ken Weber, predicts that large nongovernmental organizations (NGOs) will begin incorporating cryptocurrency into their programming to serve the financially vulnerable better because it can serve as a cross-border payment mechanism when traditional corridors are compromised or ineffective.
Susan Friedman, Ripple’s head of policy, is optimistic that the United States will embrace a common-sense policy approach this year.
Regulator hits back at Ripple over sealing final judgment documents
While the cryptocurrency community awaits the ultimate judgment in the Ripple and Securities and Exchange Commission (SEC) case, both sides are currently embroiled in a legal battle over the sealing of key documents.
In this vein, defense lawyer James Finlan turned to Twitter on January 10 to indicate that the regulator has filed a reply motion in response to Ripple’s challenge to document sealing.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed its Response in Partial Opposition to the Ripple Defendant’s Motion to Seal certain documents filed in connection with the parties’ Cross-Motions for Summary Judgment.https://t.co/ENaMe9p8Lg
— James K. Filan 🇺🇸🇮🇪 126k (beware of imposters) (@FilanLaw) January 10, 2023
Initially, Ripple filed a motion contesting the SEC’s request to seal some evidence, arguing that the case had reached the summary judgment stage and that the judicial records should be made public.
Notably, the motions were submitted in conjunction with the parties’ cross-motions before the summary judgment, the date of which is still unknown.
According to the SEC’s opposition, Ripple is attempting to seal over 900 papers total. The panel also stated that defendants believe redactions are necessary to protect third parties’ privacy.
It is worth noting that document sealing has been controversial in the case. For example, the SEC was given a setback when the presiding judge denied the regulator’s move to seal papers relating to a former official’s speech. The official, William Hinman, refers to Ethereum (ETH) as a security in the documents.
Both parties have filed final filings with lingering uncertainty about the outcome, with Filan estimating that the matter may be resolved by March.
Notably, several members of the Ripple community advocated for a settlement, however, legal experts believe the case may go either way.
As previously stated, the SEC is suing Ripple for selling unregistered securities under the XRP coin in a $1.3 billion deal.
Read more:
- SEC Has This Argument Against Ripple And XRP, Says Lawyer, But Here’s The Catch
- Fox Business Host Shared “Bloodbath Scenario” For Crypto Community Should SEC Win Against Ripple