Ripple vs SEC: Is the Summary Judgment Approaching as July Draws Near?

The ongoing lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has reached a crucial point with the public release of files related to the Hinman Speech. All eyes are now on Judge Torres as the crypto community eagerly awaits the anticipated Summary Judgment. The crypto community eagerly awaits this decision, as it could have far-reaching consequences for the entire industry.

The released files relating to the Hinman Speech have become a focal point in the Ripple lawsuit. These documents have brought to light the SEC’s differing treatment of cryptocurrencies, particularly Ethereum

Despite Judge Torres ruling on motions to exclude expert testimony in March 2023, over 100 days have passed without a final decision. This prolonged delay surpasses the average time taken by the judge for Daubert rulings in previous cases. In late March, the price of Ripple’s XRP saw a significant rise of around 30% due to expectations of the Ripple lawsuit nearing its end

Pro-XRP lawyer John Deaton had earlier said, “I will be shocked if we did not get decision from the Judge by the end of September. I will absolutely be shocked and I don’t see that happening. Not a decision of this magnitude.”

The US Federal Reserve will launch the FedNow Service in July 2023, enabling instant payment services for banks nationwide. Three Ripple partner banks – Finastra, Volante Technologies, and ACI Worldwide – are among the banks involved in the launch. This has sparked speculation in the crypto community about the need for a Ripple lawsuit verdict before the FedNow launch to ensure legal compliance.

Both the SEC and Ripple Labs, the company responsible for the Ripple cryptocurrency, were required to submit their responses in favor of their respective summary judgment motions by 30 November 2022. These submissions were then made public on 2 December 2022.