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XRP vs SEC: Judge Torres Expected to Make Ruling by May 6, 2023

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According to reports, John Deaton, a lawyer representing thousands of XRP holders, stated that Judge Torres expects to make a ruling in the ongoing litigation between XRP and the U

XRP vs SEC: Judge Torres Expected to Make Ruling by May 6, 2023

According to reports, John Deaton, a lawyer representing thousands of XRP holders, stated that Judge Torres expects to make a ruling in the ongoing litigation between XRP and the United States Securities and Exchange Commission (SEC) on or before May 6, 2023, as according to the judge’s previous judgment schedule, a summary judgment is usually made two months after the Daubert motion. According to the previous news, experts from the US Securities and Exchange Commission acknowledged that since mid-2018, Bitcoin and Ethereum have accounted for the majority of XRP returns, but they also rely on Ripple’s profitability. Ripple’s position as a centralized entity enables it to control XRP prices, which has also raised questions from regulatory agencies about XRP’s decentralization and Ripple’s role in its market performance. （cryptoslate）

Experts expect the lawsuit between XRP and the US SEC to be adjudicated before May 6th

Introduction

In the ongoing legal battle between XRP and the United States Securities and Exchange Commission (SEC), there has been much speculation about when a ruling will be made. According to reports, John Deaton, a lawyer representing thousands of XRP holders, has stated that Judge Torres expects to make a ruling on or before May 6, 2023. This is in keeping with the judge’s previous judgment schedule, which indicates that a summary judgment is typically made two months after the Daubert motion.

The Background of the XRP vs SEC Legal Battle

The SEC filed a lawsuit against Ripple Labs, the company behind XRP, in December 2020. The SEC claims that Ripple raised over $1.3 billion through the sale of XRP, which the regulator classifies as an unregistered security. Ripple denies these allegations and argues that XRP is a currency, not a security.

The Role of Ripple in XRP’s Market Performance

Experts from the SEC have acknowledged that since mid-2018, Bitcoin and Ethereum have accounted for the majority of XRP returns. However, they also rely on Ripple’s profitability. Ripple’s position as a centralized entity enables it to control XRP prices, which has raised questions from regulatory agencies about XRP’s decentralization and Ripple’s role in its market performance.

The Dilemma of Decentralization

The decentralization of cryptocurrencies has long been an issue in the crypto community, with many arguing that true decentralization is necessary for a currency to be considered legitimate. The SEC’s lawsuit against XRP has brought this issue into the spotlight once again, as the regulator claims that XRP is not sufficiently decentralized to be classified as a currency.

The Impact of the XRP vs SEC Legal Battle

The outcome of the XRP vs SEC legal battle could have significant implications for the crypto industry as a whole. If XRP is deemed to be an unregistered security, it could set a precedent for other cryptocurrencies and could lead to a crackdown on the sale of tokens that have not been registered with the SEC. On the other hand, if XRP is found to be a currency, it could pave the way for greater acceptance and adoption of cryptocurrencies in general.

Conclusion

The legal battle between XRP and the SEC has been ongoing for over a year, and there is still no clear resolution in sight. Judge Torres is expected to make a ruling on the case by May 6, 2023, which could have far-reaching implications for the crypto industry. The issue of decentralization remains at the forefront of the battle, with the SEC arguing that XRP is too centralized to be considered a currency.

FAQs

1. What is the SEC’s lawsuit against XRP?
– The SEC filed a lawsuit against Ripple Labs, the company behind XRP, in December 2020. The SEC claims that Ripple raised over $1.3 billion through the sale of XRP, which the regulator classifies as an unregistered security.
2. What is the impact of the XRP vs SEC legal battle?
– The outcome of the XRP vs SEC legal battle could have significant implications for the crypto industry as a whole. If XRP is deemed to be an unregistered security, it could set a precedent for other cryptocurrencies and could lead to a crackdown on the sale of tokens that have not been registered with the SEC.
3. When is Judge Torres expected to make a ruling in the XRP vs SEC legal battle?
– According to reports, Judge Torres is expected to make a ruling on the case by May 6, 2023.

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