Blockchain News

Ripple v. SEC case update as of July 10, 2023

As the legal battle between the SEC and Ripple continues, some members of the XRP community are growing impatient and drawing comparisons to other crypto-related cases. Lawyers Bill Morgan and John E. Deaton have advised XRP supporters to avoid contacting the presiding judge or anyone involved in the case, as they believe it will not yield any positive outcomes. Deaton warned that contacting the judge could result in backlash from the XRP community worse than what was seen against SEC Chief Gary Gensler, Coinbase, and Ethereum co-founder Joseph Lubin combined.

Lawyer Jeremy Hogan highlighted similarities between the SEC’s case against Coinbase and Ripple, noting that both cases try to distance themselves from state “Blue Sky” laws. However, Hogan argued that the Howey case, which serves as a precedent for determining whether an investment qualifies as a security, explicitly references the relevance of state case authority.

Deaton also criticized the SEC’s “unconstitutional burden-shifting” in the case, particularly regarding the argument that Section 4 Exemptions apply to token holders. He explained that Section 4 Exemptions only apply to securities, and once something is deemed a security, the burden of proof shifts to proving an exemption applies. Deaton asserted that the SEC’s argument that XRP holders lack standing to be heard is without merit.

Meanwhile, the price of XRP was experiencing slight fluctuations, trading at $0.47 at the time of writing, with minor changes in its daily, weekly, and monthly charts.

As the XRP community anxiously awaits the outcome of the lawsuit, tensions remain high, and supporters are closely following the legal proceedings and potential implications for the broader crypto space.


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