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XRP enthusiast and crypto lawyer Bill Morgan believes the Ripple-SEC lawsuit might be about to head off into the sunset, which would be good news for XRP.
"The sun is setting on the Ripple case, and I think it is a good portent for XRP. Then, early this morning my time, Binance is sued. Hinman emails soon to be released."
Sunday evening I go for a walk, snap a photo, look at it later and finally see the sign. The sun is setting on the Ripple case & I think it is a good portent for XRP. Then early this morning my time Binance is sued. Hinman emails soon to be released. Lucky I’m not superstitious pic.twitter.com/JRrCIKbHxb
— bill morgan (@Belisarius2020) June 5, 2023
The Ripple-SEC lawsuit, which was filed in December 2020, has gone on for more than two years, but recent events have given the crypto community hope for a quicker resolution.
The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, the operating company for Binance.US, and Binance founder and CEO Changpeng "CZ" Zhao on allegations of breaking federal securities laws, dealing a severe blow to the cryptocurrency sector.
The XRP community reacted to the news, calling it an attack on the crypto industry. "It is indeed another step in the SEC's attack on the industry and way past time to unite," Bill Morgan commented on the Binance CEO's post about the move being an attack on the entire industry.
Some believe it might suggest that the Ripple lawsuit might be nearing its end.
"SEC sues Binance.What are the chances it will continue its battle with Ripple at the same time? Slim to none, in my opinion," an XRP community member, Ashley Prosper, commented.
Ripple lawsuit events throwback
It should be recalled that on May 16, Judge Torres denied the SEC's request to seal the documents of former SEC official William Hinman.
On June 13, 2023, public, redacted versions of cross-motions for summary judgment and accompanying exhibits, which include the Hinman materials, are expected to be made available.
Tomiwabold OlajideIn his latest prediction on the resolution of the lawsuit, Ripple CEO Brad Garlinghouse anticipates the case to be resolved "in weeks, not months."
In its most recent quarterly report, Ripple anticipates a decision on summary judgment in 2023, though the timing is ultimately up to the court.
Alex Dovbnya
Vladislav Sopov
Dan Burgin