With the public release of records related to the Hinman Speech, the ongoing legal dispute between Ripple Labs and the U.S. Securities and Trade Fee (SEC) has advanced to a critical stage. Right now, Choose Torres is the center of attention as the crypto community excitedly awaits the much-anticipated Abstract Judgement. The crypto community is keenly awaiting this decision because it might have significant ramifications for all transactions.
The Ripple case now centers on the publicly available documents related to the Hinman Speech. These documents have brought to light the SEC’s disparate treatment of cryptocurrencies, particularly Ethereum.
Regardless of Choose Torres’ decision on motions to exclude expert testimony in March 2023, more than 100 days have passed without a final finding. This protracted delay exceeds the amount of time the judge typically needed to rule under Daubert in other instances. Due to hopes that the Ripple case would soon come to an end, the value of Ripple’s XRP saw a significant increase of almost 30% in late March.
The FedNow Service, which enables on-the-spot fee companies for banks nationwide, will be introduced by the US Federal Reserve in July 2023. Finastra, Volante Applied Sciences, and ACI Worldwide are three of the banks participating in the launch that are Ripple partner banks. This has led to speculation in the cryptocurrency community about the need for a Ripple lawsuit verdict prior to the FedNow launch to ensure legal compliance.
By 30 November 2022, both the SEC and Ripple Labs, the company responsible for the Ripple cryptocurrency, have to submit their answers in support of their respective applications for abstract judgement. On December 2, 2022, these contributions have been made public.
