Crypto Market News: The U.S. Securities and Exchange Commission’s (SEC) continued attack against crypto market businesses in the last few months came as yet another stumbling block at the back of a terrible year in 2022. However, the enforcement actions barely had any impact on asset prices, as the Bitcoin price grew by as much as 60% since the beginning of 2023. Yet, many market participants see the Ripple Vs SEC lawsuit as possibly the single most legal solution to the crypto regulation conundrum in the United States.
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Meanwhile, the XRP token holder community is awaiting the Summary Judgement in the SEC lawsuit from Judge Analisa Torres. Besides, the deadline to make public the Hinman documents is not too far with the deadline being June 13, 2023.
Ripple Win In XRP Lawsuit Will Be One Off
Nick Morgan, the former SEC senior trial counsel, applauded the support given by individual XRP token holders in the SEC lawsuit. However, he predicted that the SEC’s history suggests the agency would defend the other crypto lawsuits even if Ripple wins the XRP lawsuit. Morgan said the SEC could argue that Ripple’s win was a one-off ruling specific to that case and has nothing to do with the rest of the crypto market. This could directly impact the perceived notion that the XRP lawsuit victory could act as the perfect legal precedent for other crypto businesses to defend legally.
“In the Ripple case, I think it’s been very effective that holders of the XRP Token have tried to have their voice heard in that case.”
It may also be recalled that Ripple is going all guns blazing in the lawsuit as it announced that around $200 million have been spent so far in legal fees.
Also Read: XRP Ledger A Game Changer: HSBC On Distributed Ledger Tech
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