Users are still awaiting a ruling in Ripple & SEC case after initial rumors indicated the matter might be settled back on December 15
After initial speculations suggested the Ripple and U.S. Securities Exchange Commission (SEC) lawsuit would be resolved back on December 15, the crypto community is still awaiting the decision.
Ripple v. SEC court case update as of December 26, 2022
Notably, the blockchain corporation was sued by the American government for selling XRP coins valued at more than $1.3 billion unlawfully. According to the SEC, the tokens were securities during the sale between 2013 and December 2020.
Both parties have submitted their final arguments, suggesting that the conclusion date might be approaching soon. Defense attorney James Filan disclosed that the SEC had submitted a new request to seal several documents before the final decision.
The regulator explicitly seeks to seal records in three categories: personal and financial information, internal SEC documents that indicate debate and deliberation by SEC officials, and names and identifying information of the SEC’s experts and XRP investor declarants.
Notably, the court rejected the SEC’s attempt to remove the names of the consulting firms that assisted in the selection of expert witnesses, giving Ripple another victory.
Interestingly, Ripple scored tiny victories throughout the hearing after the presiding judge rejected the SEC’s request to withhold the records pertaining to former Division Director William Hinman. The documents state that Hinman referred to Ethereum (ETH) and Bitcoin (BTC) as not securities in 2018. The SEC has argued that the records are private and contain internal discussions.
Both XRP and Ripple simultaneously submitted a combined motion asking for an extension until January 13, 2023. The two parties filed the Daubert Motions and associated exhibits on the public docket with redactions by the court’s order for sealing. Daubert Motions are requests made before or during a trial to prevent the presentation of unqualified evidence.
The ultimate decision might be rendered in either April or May of next year, according to attorney John Deaton. Additionally, attorney Rodrigo Seira had submitted a request on behalf of the cryptocurrency-focused investment company Paradigm Operations LP to attend as pro hac vice (an attorney counsel from another country).
It’s interesting how the situation has sparked disagreements within the cryptocurrency community, with Cardano (ADA) founder Charles Hoskinson declaring he will no longer speak on issues involving Ripple and XRP. Hoskinson claimed that his choice was motivated by what he described as ongoing harassment from the XRP community.
Hoskinson incorrectly projected that the matter would be resolved on December 15, which contributed to some attacks. Hoskinson had indicated that persons familiar with the situation had given him the date.
In general, the lawsuit’s decision is expected to affect the price of XRP. For instance, if Ripple wins, there may be optimistic sentiment for XRP.
Around the time of publication, XRP was still in a consolidation phase and was trading at $0.35, up about 0.25% over the previous day. The weekly chart shows an increase of nearly 2% for XRP.
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