The U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple may be one of the earliest major legal battles in the crypto market. Recent lawsuits against Coinbase and Binance showed that the regulatory agency is ready for a long drawn fight with many companies. The Ripple XRP lawsuit is seen as significant as the judgement could set a precedence for the ongoing crypto cases. However, experts have cautioned that the SEC may argue that the Ripple lawsuit was a one-off situation and that it has nothing to do with the wider crypto market.
The XRP holders are waiting for the Summary Judgement from Judge Analisa Torres, more than 100 days after she delivered the Daubert motion ruling. Despite the long wait for the final judgement, the XRP price is not significantly affected, as the token still holds the sixth position among top cryptocurrencies with a market cap of $25 billion.
If the SEC lawsuit judgement goes in Ripple’s favor, the company is well placed to capitalize on the victory. Ripple’s market engagement in the Central Bank Digital Currency (CBDC) and payments space could make it a potential contender to dominate the altcoin space. Additionally, its strategic alignment in Europe and Latin America could also pay dividends in terms of regional presence. The Ripple management expects that the lawsuit judgement could be delivered by the last quarter of 2023.
Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com/BitcoinReddy.
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