Crypto Market News: The US Securities and Exchange Commission (SEC) complaint against Ripple has already caused irreversible damage to the XRP community and the crypto market. However, the SEC’s recent enforcement actions against crypto companies raise the question of whether the companies in question will face a lengthy legal battle. Brad Garlinghouse, Ripple’s CEO, recently stressed that Ripple could have an advantage as the XRP lawsuit is in its final stages. The US market is key for most crypto companies, despite continued efforts to migrate to other jurisdictions.
Read also: Ripple lawsuit proves that free market does not exist: XRP lawyer
The summary judgment in the lawsuit can be pronounced at any time by Judge Analisa Torres, who oversees the case. On the other hand, the timeline for the ruling could be pushed back to the end of the year 2023.
XRP Adoption After Court Ruling
John Deaton, the attorney representing XRP token holders in the lawsuit, repeated his argument about the damage to Ripple due to the legal concerns. He also cited an example of the Rendimento bank not using XRP due to regulatory reasons, despite the bank being the first to use Ripple’s blockchain payments.
“People are grossly underestimating the damage the lawsuit has caused to Ripple and XRP. People call Ripple’s growth outside the US, but the US market is very important. Ripple doesn’t even offer XRP for its own Liquidity Hub platform!”
Also Read: Binance suspends crypto services for Japan before November 30
Anvesh reports major developments around crypto adoption and trading opportunities. He has been associated with the industry since 2016 and is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Contact him at anvesh@coingape.com.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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