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Ripple Provides Insight into XRP-SEC Legal Battle in Latest Update

Fri, 04/28/2023 - 13:02
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Tomiwabold Olajide
Ripple shared update on latest events in SEC lawsuit
Ripple Provides Insight into XRP-SEC Legal Battle in Latest Update
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Ripple has just published the quarterly XRP Markets Report, which provides regular updates on the company's views on the state of crypto markets.

It includes information on the company's quarterly XRP sales, pertinent XRP Ledger and XRP-related announcements and commentary on market developments from the previous quarter.

In line with this, Ripple provided an update on the SEC lawsuit in its most recent quarterly report (Q1, 2023). In December 2020, the SEC filed its lawsuit against Ripple and two of its executives, alleging that the $1.3 billion sale of XRP constituted unregistered security offerings.

The final round of briefs seeking summary judgment was filed by both parties in the past year, and now the judge's decision is awaited.

As expectations for an imminent ruling remain, Ripple shared updates on events that have unfolded this year so far.

Pro-XRP Lawyer Argues Chances of Ripple Win in Lawsuit: Details

On March 6, in a 57-page order, the court indicated which expert opinions from the SEC and Ripple might be taken into account in summary judgment (and, if necessary, during trial) and which opinions were to be "stricken."

The testimony of the SEC expert addressing the "reasonable expectations of an XRP purchaser" and the SEC expert's attempt to ascertain what "caused" the price of XRP to change was specifically struck from the record.

Ripple says it anticipates a summary judgment decision in 2023, though the timing is ultimately up to the court.

Ripple kicks off CBDC partnership in Montenegro

Ripple CBDC advisor Anthony Welfare has taken to Twitter to disclose a kickoff for Ripple's CBDC collaboration in Montenegro.

Posting an image of himself and Montenegro officials, Welfare wrote: "What a great kickoff for the Ripple CBDC team with the Central Bank of Montenegro. Great to be working with such a great team and country."

In a widely celebrated move, the Central Bank of Montenegro (CBCG) entered into a collaboration with Ripple to develop a strategy and pilot program to launch the country's first digital currency in the form of a Central Bank Digital Currency (CBDC) or national stablecoin.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.