The ongoing XRP lawsuit battle between blockchain payments firm Ripple Labs Inc and the United States Securities and Exchange Commission (SEC) is not over yet, contrary to many people’s assumptions with the recent verdict on the status of the XRP tokens.
The Post-Summary Judgment Era
XRP holder’s lawyer, John Deaton has taken to his official Twitter account to debunk the key myth or assumption about the Ripple vs SEC lawsuit he believes is wrong.
Responding to a shared interview by a Twitter account dubbed Digital Asset Investor.XRP, the case of the aspect of the core decisions that will go to trial sprang up. To correct the current misconceptions surrounding what elements of the case will possibly make it to the trial, Deaton said the Summary Judgment that declared XRP is not an investment contract will not be up for trial.
In order to clear the air on what the community called debunking the complications, Deaton highlighted that only the claims on whether Ripple founder Chris Larsen and current CEO, Brad Garlinghouse “aided and abetted Ripple related to Institutional sales” is what will be settled should the case progress to trial.
Wrong again. Ripple was granted summary judgment on programmatic sales (on exchanges). There won’t be a trial on that issue. The trial is just on whether the two executives aided and abetted Ripple related to Institutional sales only. https://t.co/xYpfBOqhSi
— John E Deaton (@JohnEDeaton1) July 15, 2023
By his revelation, it appears that the sales of XRP on secondary markets or crypto exchanges are not security with the clarity pushing the top trading platforms in the space to relist the digital currency for buying and selling fully.
While many still fear that the aftermath of the remaining aspects of the lawsuit can have a significant impact on XRP and the Ripple community in the long term, the clarity that XRP is and of itself not security can help usher in the much-needed solace every investor needs.
XRP Lawsuit Ruling: a Worthy Precedent?
There are a lot of stakes in the ongoing XRP lawsuit as the SEC has declared a number of top altcoins including Cardano (ADA), Solana (SOL), Polygon (MATIC), and The Sandbox (SAND) amongst others as investment contracts.
With XRP in the clear, any further legal action against these cryptocurrencies may also prove to be a fruitless fight for the market regulator, a situation that has made many experts call the XRP ruling a major win for firms like Coinbase.
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