The Ripple v SEC lawsuit is in its final phase, with a decision expected in the coming months. Recently, there have been updates involving Elon Musk and the fact that Ripple received important documents from the SEC. XRP’s price is neutral, with a 2.6% increase possibly due to the lawsuit. The SEC has filed its opposition to Ripple’s motion for summary judgment, and enthusiasts have criticised the SEC’s defence, saying it is wacky and has failed to prove that XRP sales funded Ripple’s projects. Ripple is arguing that the pharaoh’s defence should be an issue of fact that should go to a jury trial.
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Key Updates on Ripple vs SEC Lawsuit
Ripple vs SEC lawsuit has come a long way and is now in the last phase of the lawsuit. The outcome is much anticipated by the crypto community and investors worldwide. In this article, we will discuss the recent updates and the key pieces of information that came to light.
Huge Updates on the Ripple vs SEC Lawsuit
A day ago, there were several huge updates on the Ripple vs SEC Lawsuit. These updates involved Elon Musk, the Ripple vs SEC Lawsuit, and the fact that Ripple had obtained a ton of very important documents from the SEC. However, the SEC is still not giving over these documents, even though they have been officially handed over to Ripple.
Summary Judgment in the Ripple vs SEC Lawsuit
The summary judgment phase of the lawsuit is the most integral part of the end phase of the Ripple vs SEC lawsuit. The summary judgment phase is where Ripple and the SEC plead their side of the story without a trial. The judge will make a decision after hearing both sides of the events. This is an initial throw up of events, where both parties can respond to each other’s version of events in the case. This phase of the lawsuit is expected to take place in the next couple of months.
SEC’s Memorandum in Opposition to Ripple’s Motion
The SEC has filed its memorandum in opposition to the Ripple defendant’s motion for summary judgment. The memorandum was filed on October 21st, which is a day after Ripple and the SEC came together to discuss what should be hidden. The SEC’s response was not well received by many SEC supporters, as they did not do a good job at hunting down Ripple or presenting their arguments.
Ripple Argues The Pharaoh’s Defense is An Issue of Fact
Ripple is not arguing in defense of themselves but is arguing that the pharaoh’s defense is an issue of fact. This issue should go to a jury trial, which would take much longer. Ripple’s response brief was a surprise to many, and a lot needs to be unpacked to understand the case better.
SEC Fails to Prove that XRP Funded Ripple’s Projects
The SEC has failed to prove that XRP funded Ripple’s projects, and many investors believe that Ripple does not have that much of an effect on the XRP price. Even if they were to sell major amounts of XRP, they wouldn’t manipulate the price as much as people might think. This is because XRP is decentralized currency, and it has its market movements.
Conclusion
The Ripple vs SEC lawsuit is a significant event in the crypto community, and everyone is eagerly waiting for the conclusion of the lawsuit. The latest updates suggest that Ripple is gaining a lot of ground in the case. Ripple has obtained a ton of key documents from the SEC, which could tilt the case in their favor. These updates have given hope to Ripple investors worldwide, and it remains to see how the case will unfold in the coming days.
