The US Securities and Exchange Commission (SEC) and Ripple are engaged in a legal dispute that is still raging. The decision, which many believe will be made in the first half of 2023, might have an impact on the fate of many cryptocurrency investors and businesses as well as the question of who should regulate the sector. The eagerly anticipated Summary Judgment of the XRP litigation, however, may experience further delay owing to recent developments.
Bill Morgan, a proponent of XRP and a cryptocurrency lawyer, discussed the rationale behind the ongoing Ripple case in recent tweets. An XRP enthusiast by the name of Mr. Huber On Twitter polled to check if the community thought Ripple’s defense and supporting evidence outweighed the SEC’s allegations and charges.
In response to the tweet, ninety-nine point seven percent (94.6%) of voters chose the option that Ripple’s defense and supporting documentation were solid, while only 5.4% chose the option that the SEC’s claims and allegations were solid.
Based on the poll’s findings Morgan said that while Ripple’s case looks solid in terms of evidence and arguments, the SEC’s summary judgment motion and memorandum of law are “prima facie compelling”.
Morgan wrote on Twitter, “In my view, the Ripple case in defense has looked stronger as the evidence and arguments have become known but if you clear your mind and read the SEC SJ motion and memorandum of law as if anew it is prima facie compelling.”
The San Francisco-based Ripple Labs was charged by the SEC in December 2020 for selling unregistered securities in the form of XRP without providing sufficient notice. The SEC has recently filed new lawsuits against other participants in the market, which has drawn criticism for the agency’s approach to regulating the cryptocurrency space.