The legal case between Ripple and the US Securities and Exchange Commission (SEC) has been making headlines in the crypto community since the first announcement of the lawsuit back in 2020. The case has been the focus of much debate among those in the sector, as well as garnering mainstream media attention. Recently, John E. Deaton, who is a legal expert and an amicus curiae for Ripple, provided a detailed explanation of the case and his beliefs concerning the ruling deadline. To start, Deaton discussed the concept of securities and ‘investment contracts’ and the Howey Test, which is the most misapplied legal test or doctrine on social media. He stated that digital assets and software code are not consideration when determining if something is a security. According to Deaton, every altcoin essentially starts out as a security when it is first distributed, acknowledging that had Satoshi Nakamoto offered 100K BTC for sale back when he was the only miner, it would have been an unregistered security offering.

Moving on to discuss the deadline for the ruling, Deaton stated that while there is no official timeframe, based on the Judge's previous rulings, she could decide in the next thirty to sixty days. Judge Analisa Torres issued her ruling on both parties’ Daubert motions on March 6 and an earlier ruling could mean a prolonged wait of two months, at minimum.

The outcome of this case is set to have a major influence on the XRP token’s price. According to Finbold, Jim Cramer voicing a belief that the SEC would lose the lawsuit resulted in investors buying the token, ultimately driving up its price. XRP is currently trading at $0.52, having increased by 0.28% on the day, as well as witnessing a 1515% surge over the last week and increasing its value by 36.69 in the last month.

Overall, it is still unclear when this case will conclude, however investors can anticipate receiving a final ruling soon. With such anticipation, it remains to be seen what impact such news will have on the crypto market and the XRP token’s price in particular.



Other News from Today