Crypto Market News: With the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs taking a new turn with the public release of Hinman Speech related files, the onus is now on Judge Analisa Torres to deliver the much awaited Summary Judgement. In essence, the Hinman documents revealed that the SEC was in favor of Ethereum, compared to other crypto tokens. Hinman emphasized that digital assets offered as securities can eventually change into a non-security asset. However, he chose to name only Ethereum as not a security, while the XRP holders have been affected by the Ripple lawsuit on the same argument.
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In March 2023, Judge Torres ruled on motions filed by both parties to rule out expert testimony. Over 100 days from the March ruling, the Summary Judgement is still awaited. This delay is longer than the Judge’s average time taken from Daubert rulings in previous cases, and hence, the Summary Judgement in Ripple lawsuit is expected to come any time.
Ripple XRP Victory Judgement Before July 1, 2023 ?
The US Federal Reserve had already announced that the FedNow Service will begin operations in July 2023. The service facilitates instant payment services by financial institutions all over the United States, around the clock and throughout the year. Interestingly, among the banks that have been onboarded for the July 1 launch are three Ripple partnered banks: Finastra, Volante Technologies and ACI Worldwide. Hence, the crypto community is wondering whether the Ripple lawsuit judgement has to be delivered before FedNow launch to ensure legal compliance.
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