XRP Lawsuit: New Major Date Scheduled For Both Parties To Go Public

September 11, 2022 10:29 pm Comments

September 19 will be a new important date for the ongoing lawsuit between Ripple and the SEC that has lasted for nearly two years at this point.

It has been revealed that both parties will open redacted versions of briefs in support of motions for summary judgement on this particular day.

Basically, what this means is that both SEC and Ripple will reveal their intentions and their next moves in regards to how they want to edit the briefs.

This negotiation process will then likely last until the end of the year and will layout how the rest of the lawsuit will likely turn out.

Jeremy Hogan, attorney and XRP activist, even called this an event that would bring the lawsuit to the “endgame” stage.

U.today reports:

Then, up until the end of the year, a negotiation process will begin in which lawyers for Ripple and the regulator will discuss and edit the briefs. Jeremy Hogan, an attorney and well-known pro-XRP activist, dubbed the upcoming trial an endgame.

According to the lawyer, the importance of Sept. 19 is not to be underestimated, because on that day both sides will lay bare their cards and present much of what they have.

The Ripple trial is probably the most significant showcase of the regulator’s pursuit of cryptocurrencies right now.

On par with it is probably the trial of former Coinbase product manager Ishan Wahi, accused of insider trading in what the SEC considers securities.

Right now, the chair of the SEC, Gary Gensler, is also continuing to make some broad claims where he claimed that the crypto market is basically compatible to traditional securities regulation.

Basically, he claims that the majority of cryptocurrencies should fall under the domain of the SEC and has only supported handing over the governance of BTC and ETH to the CFTC.

Of course, there was much disagreement with the claim after the speech that Gensler made that mentioned that particular point.

After all, this would just give special treatment to BTC and ETH without any solid reasoning.

Therefore, the outcome of the XRP lawsuit would be critical in determining whether or not most cryptocurrencies are considered securities or not.

U.today concludes:

At the same time, the crypto space is actively discussing yesterday’s speech by the head of the SEC, Gary Gensler. The official said that the crypto market is quite compatible with securities regulation, and most cryptocurrencies now fall under the regulatory purview of the SEC. Gensler also expressed support for a bill that would give the CFTC oversight of BTC and ETH.

The crypto community is divided here. On the one hand, FTX founder and CEO Sam Bankman-Fried agreed with Gensler’s point of view.

On the other hand, John Deaton, founder of CryptoLaw and also a well-known XRP enthusiast, said the official is slowly changing his rhetoric in favor of even tighter regulation of the crypto market.

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