XRP Lawsuit News: U.S. Securities and Exchange Commission (SEC) launched legal battle against Ripple Labs is heading toward its final phase. The digital asset market firms and leaders have been eagerly waiting for the Summary Judgement in the XRP lawsuit as it is expected that the outcome will guide the industry with clear regulations.
In the latest developments, U.S. District Court Judge, Analisa Torres produced a ruling on the expert Testimony. The court order briefly mentioned that Ripple and US SEC’s motion is partly granted as the judge rejected the inclusion of many experts and their testimony.
Key Takeaways From latest Ruling XRP Lawsuit
Legal experts highlight that Judge Torres holds a good grasp of XRP and the technology around it. The latest ruling is presented in an excellent manner as it covers all legal issues, claims, and defenses in the XRP lawsuit. The Judge successfully sustained to draw a line with no bias.
However, the US SEC received a setback here as the court accepted the defendant’s objection to preclude expert testimony the commission wanted to offer. It was a good opportunity for the commission to go after the XRP purchasers as it included Howey test components. Read More XRP News Here…
Who’s Winning Ripple Or SEC?
It is important to note that Judge Torres overruled the Commission’s objection to expert testimony which states that the XRP is not treated as a security in the IRS Code. It also mentioned that the XRP shouldn’t be added as a security under Generally Accepted Accounting Principles (GAAP).
The court rejected the SEC’s objection to testimony which stated that XRP has commercial utility in a number of use cases. However, these rulings are in the Ripple, defendants and XRP holders. But it still can’t move the judge’s decision in the favor of Ripple.
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