Developments That Could Impact the SEC-Ripple Legal Battle
As the cryptocurrency community eagerly awaits the resolution of the legal battle between the SEC and Ripple, external factors may influence its outcome. One such factor is a lawsuit filed by the SEC against Coinbase, a popular crypto trading platform. Coinbase responded by filing a motion to dismiss the lawsuit, and Judge Katherine Failla heard the case on January 17, 2024. The ruling in this case could have significant implications for the SEC’s case against Ripple.
The Coinbase Effect
The SEC claims that Coinbase’s lending product involves securities, while Coinbase argues that it falls outside the regulator’s jurisdiction. This mirrors the allegations against Ripple regarding its sales of XRP. If Coinbase wins the motion to dismiss, it could weaken the SEC’s argument and discourage the regulator from appealing the ruling in the Ripple case.
Setting the Record Straight
Legal expert Bill Morgan has been debunking misinformation surrounding the Ripple case, which has negatively impacted XRP’s price. He clarified that a settlement is unlikely and highlighted a motion filed by the SEC to compel Ripple to disclose certain financial information. Morgan also accused the SEC of misleading the court in its use of a class action case in its arguments against Ripple.
“It seems Judge Torres needs to rule on the SEC’s motion to compel quickly as the current remedies phase timetable requires remedies-related discovery to be completed by 12 February,” Morgan concluded.
Hot Take: Potential Implications and XRP’s Performance
The outcome of Coinbase’s lawsuit and Judge Failla’s ruling could significantly affect both the SEC’s case against Ripple and its jurisdiction over cryptocurrencies. Additionally, Bill Morgan’s efforts to clarify key points in the legal battle may help restore confidence in XRP. As of February 2, XRP was trading at $0.503, with slight daily gains but a decline over the previous week and month.
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