XRP Lawsuit: Ripple Makes Surprising Gains in Ongoing SEC Case

Key Points:

  • Ripple gains significant support in ongoing legal battle with SEC.
  • Cryptocurrency firm's victory could bring regulatory clarity for XRP.
  • Community eagerly awaits ruling by Judge Analisa Torres.

2 minute read

The legal battle between Ripple and the US Securities and Exchange Commission (SEC) continues to make headlines as it approaches a settlement. Crypto-focused investment firm Paradigm Operations LP has recently gained further support in its application to join the case as an amicus curiae, or “friend of the court.” Lewis Rinaudo Cohen, co-founder of blockchain law firm DLx Law LLP, has filed a motion to appear as “pro hac vice” on behalf of Paradigm Operations.

Pro hac vice is a legal term that allows an attorney to participate in a case in a jurisdiction where they are not authorized to practice law. Cohen, who is a member in good standing with the New York and DC bars, made it clear in his filing that he is not facing any pending disciplinary action in any state or federal court. Paradigm Operations first filed its amicus brief in November in support of Ripple.

However, some members of the XRP community have pointed out that these filings may have come too late and may no longer impact the judge’s decision in the case. There is also speculation that the filings may be stalling the case, which has already been ongoing for a long time.

Ripple and the SEC have both submitted their final briefs requesting summary judgment in the case, and the XRP community is eagerly awaiting the ruling by Judge Analisa Torres. Attorney James K. Filan has predicted that the ruling may come as early as March 2023. If the ruling favors Ripple, it is expected that the price of XRP will increase significantly as investor confidence returns, due to the regulatory clarity that such an outcome would provide. On the other hand, a ruling in favor of the SEC could potentially lead to further action against other crypto firms. XRP is currently trading at around $0.36, down 2.18% in the last 24 hours.

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