Source : zycrypto.com
The XRP lawsuit matters for everyone in crypto. The founder of Gokhshtein Media, David Gokhshtein, has suggested that a Ripple victory would have a crucial impact on the entire crypto market. The court ruling in favour of Ripple in the legal tussle with the United States Securities and Exchange Commission (SEC) could spark a meteoric XRP price boom.
Outcome Of Ripple v. SEC Case Could Make Waves In Crypto Market
The courtroom fight between the SEC and Ripple could soon be coming to a close. Both parties have filed summary judgment motions with the U.S. District Court for the Southern District of New York to avoid proceeding to a full-on trial.
The eyes of everyone in crypto are on this lawsuit — or should be.
As ZyCrypto has previously covered, Ripple has wagered several tactical and procedural wins in its defence against the agency. If the judge decides that the San Francisco-based fintech firm did not violate federal securities statutes as the SEC alleged, it will not only be XRP that skyrockets but other crypto projects as well. This is the opinion of David Gokhshtein.
The lawsuit was opened in December 2020 when the SEC claimed that Ripple and two top executives, Brad Garlinghouse and Chris Larsen, sold XRP tokens worth over $1.3 billion while letting investors think they would get considerable returns on the firm’s profits.
In a different tweet, Gokhshtein applauded the XRP Army for being the toughest in the cryptoverse. He noted that enduring such a grueling litigation process requires “patience and diamond hands”.
Chamber of Digital Commerce Granted Status To Aid In Ripple Suit
In another related development, the U.S.-based advocacy group Chamber of Digital Commerce (CDC) has received the green light to act as amicus curiae in the XRP securities lawsuit. The “friend of the court” status allows them to assist the court in briefing legal issues relevant to the case.
SEC has filed a motion in response to the CDC’s application to join the case, asking the judge to grant more time if more amicus briefs are permitted. Ripple quickly opposed the regulator’s request, describing it as “yet another transparent attempt to further delay resolution of this case.”
The SEC tried revoking the amici curiae status of XRP holders in July, but District Judge Analisa Torres rejected the motion.
Meanwhile, XRP, ranked sixth by market cap, changed hands at $0.4437 at publication time — a 30% gain for the month. Market leaders Bitcoin (BTC) and Ethereum (ETH) were down 11.4% and 21.7%, respectively.