Ripple Advocate Predicts End of SEC Case in July
- Attorney Fred Rispoli, a Ripple (XRP) advocate, predicts that the SEC versus Ripple case could end on July 31 or July 13.
- Judge Amy Berman Jackson partially dismissed some of the SECs charges against Binance regarding BNB sales on the secondary market.
- Ripple filed a notice of supplementary authority, arguing that regulatory uncertainty indicates it did not show reckless disregard for the law.
As regulatory uncertainty continues to cast a shadow over crypto-related firms in the United States, defendants are closely monitoring the outcomes of their peers cases, seeking common denominators that could potentially influence their own legal battles.
In this context, Attorney Fred Rispoli, a prominent Ripple (XRP) advocate, has recently provided a timeline for when the case against the US Securities and Exchange Commission (SEC) could reach its conclusion.
XRP Advocate Suggests SEC Ripple Case Resolution in July
In response to an inquiry regarding the potential end date of the SEC versus Ripple case, Attorney Rispoli pointed to July 31 as a possible resolution date. Alternatively, he suggested that the case could conclude on July 13, a date he described as a poetic twist.
This reference is tied to Federal Court Judge Annalisa Torres decision on the same date last year, which determined that XRP is a commodity when sold to the general public.
In her Summary Judgment on July 13, 2023, Judge Torres stated, Therefore, having considered the economic reality and totality of circumstances surrounding the Institutional Sales, the court concludes that Ripples Institutional Sales of XRP constituted the unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act.
This decision continues to hold significant weight, as it marked a watershed moment for the Ripple community, triggering a surge in the XRP price by over 100%, leaving naysayers watching from the sidelines.
With Judge Torres ruling serving as a precedent, Judge Amy Berman Jackson of the US District Court for the District of Columbia partially dismissed a portion of the SECs charges against Binance concerning BNB sales on the secondary market.
In her ruling, Judge Jackson stated, The court ruled that the SEC failed to allege facts indicating that secondary market sales of BNB tokens on crypto exchanges were securities transactions. The SECs claim that Binances fiat-backed stablecoin, BUSD, qualifies as an investment contract was likewise denied by the court.
In essence, the court argued that litigating the digital asset industry on a case by case, coin by coin, court after court basis leads to inconsistent results and perpetuates ambiguity. Building on this determination, Ripple submitted a notice of supplementary authority.
Read more: https://thenewscrypto.com/ripple-advocate-predicts-end-of-sec-case-in-july/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
