Stein expects decision on summary judgment motions in first half of this year
During an appearance On Laura Shin’s “Unchained” podcast, Bloomberg Intelligence analyst Elliott Z. Stein recently commented on the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC). He said he expects a decision on the summary judgment motions in the first half of this year.
Stein noted that the Ripple case is particularly interesting because it deals with a digital asset that has utility, which argues that these assets are commodities.
However, the SEC alleged that Ripple was marketing XRP tokens as investments, with buyers treating them as such, hoping the price of the asset would rise. This creates a complex legal issue that has been the subject of intense litigation.
“So this is a really interesting case for the whole crypto industry, and I think we could get a decision on the summary judgment motions in 1H this year,” Stein said.
As reported by U.Today, Judge Analisa Torres recently issued a new ruling in the case, which involved excluding the key SEC expert witness from her testimony. Patrick Doody, who was hired by the formidable regulatory agency to review the expectations of token buyers, was barred from testifying by Judge Torres in response to Ripple’s motion.
In December 2020, the Securities and Exchange Commission (SEC) initiated legal action against Ripple as well as its senior executives. The lawsuit alleges that the company and its officers violated US securities laws by engaging in the unauthorized sale of securities.
Garlinghouse said he expects the lawsuit to be decided in 2023.