A verdict in the Securities and Exchange Commission’s (SEC) case against Ripple is expected to be delivered by May 6, 2023, according to Ripple lawyer and XRP supporter John Deaton.
Speaking to Thinking Crypto on April 5, Deaton said Judge Analisa Torres, who is presiding over the case in the Southern District of New York, usually issues her decisions within a couple of months of her Daubert/Experts’ decision, which was made on March 31. Legal experts are predicting that the outcome of the Ripple-SEC case could have far-reaching implications for both XRP and the broader cryptocurrency industry.
If Ripple wins the case, it could bolster its claims that XRP is a bridge currency and a driver of innovation and financial inclusion, potentially opening the door to wider adoption. However, if the SEC prevails, Ripple could face significant penalties, including fines, disgorgement, and registration requirements for XRP. Moreover, the outcome could establish a precedent that other cryptocurrency projects facing similar enforcement actions would have to contend with.
The SEC alleges that Ripple sold XRP to investors without complying with federal securities laws. Ripple denies these allegations and claims that XRP is a decentralized cryptocurrency with utility and value beyond its control.
