Ripple vs. SEC Legal Battle: Developments as of March 20, 2023 By Paul L. CRYPTOCURRENCY Mar 20, 2023

The cryptocurrency world is closely following the expected summary judgment date in the lawsuit between Ripple and the Securities and Exchange Commission (SEC). It was previously anticipated that a decision could be reached in the first quarter of 2023.

As we await the verdict, legal experts are weighing in on the potential outcomes and their implications for the broader crypto industry. In a recent development, attorney John Deaton, known for his support of XRP, tweeted on March 19 that he believes the contentious Hinman documents will eventually be made public, despite the SEC's opposition.

Deaton asserted that the documents associated with former SEC official William Hinman would be unsealed, irrespective of Judge Analisa Torres' decision. He explained that the judge would likely utilize these documents in her ruling, thus designating them as "judicial documents" and ordering their unsealing.

"Concerning the Hinman emails and speech drafts: the SEC has asked for them to remain sealed, even after Judge Torres' ruling on summary judgment. I think the emails and speech drafts will be made public at some point, regardless of Judge Torres' decision on whether to seal," Deaton stated.

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Deaton emphasized that the documents hold importance because they could be necessary in other ongoing legal disputes, such as the case against Dragonchain. Dragonchain is an ERC20 token that operates on the Ethereum (ETH) blockchain and is currently involved in litigation. Deaton is of the opinion that Dragonchain will attempt to obtain the emails and drafts to strengthen their defense.

Earlier, Deaton criticized the SEC for including Ripple executives Brad Garlinghouse and Chris Larsen in the lawsuit, calling it a mistake. He contended that the SEC should have focused solely on Ripple, rather than targeting individuals not directly responsible for the alleged securities violations.

As speculation around the case's outcome continues, Ripple's chief legal officer, Stuart Alderoty, expressed satisfaction with the court's ruling on the "Daubert" motions. In this decision, the judge neither granted nor denied portions of each party's motions concerning the exclusion of expert witnesses.

US attorney Jeremy Hogan previously speculated that Judge Torres may have already determined whether XRP constitutes a security. To recap, the SEC accuses Ripple of selling XRP tokens without obtaining the necessary approvals from the regulatory body.

XRP Price Update As the crypto community awaits the lawsuit's resolution, XRP's value has been rising in line with broader market trends. At the time of writing, XRP is trading at $0.39, with a daily increase of around 0.6%.

Currently, XRP has a market capitalization of approximately $19.55 billion.