As the cryptocurrency industry continues to fight the problems caused by the widely publicized FTX collapse, the community is also closely following the ongoing lawsuit between Ripple and the United States Securities and Exchange Commission (SEC).
Ripple vs SEC lawsuit update as of December 20, 2022
As a reminder, the SEC accuses Ripple of issuing the XRP token of illegally selling more than $1.3 billion in XRP, which the regulator considers securities, between 2013 when the lawsuit was filed and December 2020.
Despite rumors that the final verdict on the case could be ready by December 15, both the regulator and the blockchain company presented their friendly briefs and final presentations as an indication that the outcome might actually be imminent. came and went without him.
Discussion of the above deadline and his stance on the case gave Cardano (ADA) founder Charles Hoskinson a lot of heat from Ripple and the XRP community leading him to explain that Hoskinson would no longer discuss anything, including accusing him of being a liar.
Temporary deadline and personnel changes
Meanwhile, John Deaton, a pro-XRP attorney, has expressed the expectation that the outcome of the case will be delayed until April or May, or at least March 31, based on the large number of pages and documents the court needs to review before making a decision.
On December 15, attorney James Filan said that attorney Rodrigo Seira has requested to appear as a pro pilgrimage assistant (a lawyer from another jurisdiction) on behalf of crypto-focused investment firm Paradigm Operations LP in the ongoing lawsuit.
More recently, Nicole Tatz, an attorney serving as the defendant’s attorney in the case, filed a motion to withdraw, stating that the other attorneys at the law firm Cleary Gottlieb Steen & Hamilton LLP will continue to act as registry consultants for Ripple.
XRP price analysis
While the community eagerly awaits the outcome of the lawsuit, the XRP token is currently changing hands at $0.3452, up 0.45% on the day, but continuing to decline 9.85% from the previous week and 10.01% from the month.
XRP 7-day price chart. Source: Finbold
With a market cap of $17.38 billion, XRP remains the seventh-largest cryptocurrency by this indicator, according to data from crypto tracking platform CoinMarketCap by Finbold on Dec.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.