Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Coinpedia Fintech News on March 09, 2023, 01:42:43 PM
-
The XRP lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is approaching its final phase, with the industry eagerly awaiting the outcome for clear regulations. U.S. District Court Judge Analisa Torres ruled on expert testimony, granting Ripple and the SEC's motion in part and rejecting the inclusion of many experts and their testimony. Legal experts note that Judge Torres has a good understanding of XRP and technology, presenting the latest ruling in an excellent manner.
However, the SEC received a setback as the court accepted the defendant's objection to preclude expert testimony the commission wanted to offer, which would have allowed them to go after XRP purchasers.
Judge Torres overruled the Commission's objection to expert testimony, stating that XRP is not treated as a security in the IRS Code and should not be added as a security under Generally Accepted Accounting Principles. The court also rejected the SEC's objection to testimony stating that XRP has commercial utility in several use cases. While these rulings are in favor of Ripple, defendants, and XRP holders, they do not necessarily move the judge's decision in favor of Ripple.
Still Ripple's victory is not guaranteed?