The Ripple vs. SEC lawsuit, an ongoing legal battle that has captivated the crypto community for over two years, could be reaching its climax soon.
Marc Fagel, a former Regional Director at the U.S. Securities and Exchange Commission (SEC), recently shared his insights, suggesting that a judgment in the case is expected within days.
As anticipation builds, XRP enthusiasts are contemplating the potential impact on the XRP price, with speculations of a surge to $5. Let’s explore the details.
Marc Fagel, a seasoned enforcement attorney, and former SEC Regional Director, foresees a judge’s ruling in the Ripple vs. SEC lawsuit coming in the next few days.
This statement has fueled excitement among the XRP community, eager to witness the resolution of this protracted legal battle.
The SEC initiated the lawsuit against Ripple, its CEO Brad Garlinghouse, and chairman Chris Larsen in late 2020, accusing them of conducting an unlicensed sale of securities by raising over $1.2 billion through XRP. This case holds significant implications for the broader crypto industry beyond Ripple itself.
The release of William Hinman materials, containing a speech suggesting that Ether was not a security, caused a stir within the XRP community.
Ripple’s legal team argued that this speech fostered confusion and led market participants, including Ripple, to believe that XRP was also not a security.
According to Fagel, the judge is unlikely to address the Hinman documents or the secondary market trading matter in the ruling.
However, the emails could be referenced to determine the liability of the individual defendants in the case, offering potential implications for their future.
A Ripple defeat could have far-reaching consequences for the crypto industry as a whole. It would hinder mainstream adoption, empower the SEC to pursue similar cases against crypto projects, create market turbulence, and potentially prompt crypto startups to seek more favorable jurisdictions outside the United States.
