The lawsuit between blockchain company Ripple and the Securities and Exchange Commission (SEC) is still awaiting a final verdict, according to the most recent information from the parties involved.
Particularly, United States attorney James Finlan indicated in a January 19 tweet that all items likely to impact the ultimate verdict had been submitted to the court, with the spotlight now on the presiding judge.
On the basis of this update, it may be inferred that the parties, Ripple and the SEC, together with other interested parties, have filed the required documents, including applications for summary judgement and petitions to seal all case-related documents.
Ahead of the much-anticipated summary decision, the crypto world continues to speculate about the optimal timing for the judgement. Initially, Finlan stated that a decision may be made by March.
Brooks Entwistle, Senior Vice President of Global Customer Success at Ripple, implied, that the matter would be resolved this year based on insider information. The CEO expressed confidence that Ripple remained positive on the potential result, saying that they have done all imaginable.
In addition, Ripple’s CEO, Brad Garlinghouse, who has also been sued, claimed that he expects the case to be resolved before the end of the first half of this year.
In the meanwhile, legal experts are guessing on the verdict, with most predictions focusing on a victory for one side or a potential settlement.
In light of the SEC’s lawsuit against Ripple for selling unregistered securities in the form of XRP tokens, the decision is expected to have an influence on the cryptocurrency market. Ripple’s General Counsel, Stuart Alderoty, cautioned that the verdict might have far-reaching consequences for the future of the crypto sector in the United States.
Meanwhile, XRP has been the focus, since it will likely be the first cryptocurrency affected by the ruling. Indeed, if the case is decided in Ripple’s favour, it might be positive for XRP and vice versa. In this section, industry participants recently discussed the potential effect on XRP if Ripple wins the lawsuit.
Also Read: Sri Lanka Will Showcase The World’s First Electric Car Project Based On Cardano
Wallets