Ripple says the U.S. Securities and Exchange Commission (SEC) recently suffered a setback in the lawsuit brought by the market regulator against the payments firm alleging that XRP is an unregistered security.
In its XRP market report for the first quarter of 2023, Ripple says that testimony from some of the SEC’s experts was expunged from the court record last month in an opinion by the presiding judge of the lawsuit, Analisa Torres.
“On March 6, the court issued a 57-page opinion deciding what opinions of the SEC and Ripple experts can be taken into account in summary proceedings (and, if necessary, at trial) and what opinions should be ‘deleted’. In particular, the SEC expert’s testimony regarding the “reasonable expectations of an XRP buyer” was dropped, along with their expert trying to determine what caused XRP’s price to change.
About when the summary judgment is likely to be pronounced, the payment company says:
“Ripple expects a decision on summary judgment in 2023, although the timing is ultimately up to the court.”
Responding to the rejection of SEC expert testimony while preserving Ripple’s, the payments company’s general counsel Stuart Alderoty said last month that Judge Torres’ opinion had increased confidence in their case.
“On the other hand – our experts explaining how Ripple’s contracts are clearly different from those in ‘Howey’, tax treatment of XRP (no security), accounting treatment of XRP (no security) and currency experts on XRP (no security). security) can all stay inside.
As we have said all along, we have always been confident in our case and even more so with each verdict.”
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