Cryptocurrency media reported on the 3rd (local time), citing data shared by lawyer James Pilan, who tracks the Ripple trial.
Attorney James Pillan said, “All that’s left now is to wait for a verdict,” and he expected a verdict to come out before the end of March 2023 at the latest.
Ripple’s 56-page document (excluding the introductory page) filed by Ripple claims that the SEC failed to show that the Howey test statute applies to Ripple’s sales of Ripplecoin (XRP) from 2013 to 2020.
The subtest is a criterion for determining whether a security is a security, and the SEC is using this provision to conduct a trial that Ripple has broken the law and sold the security Ripple (XRP) without reporting.
Cryptocurrency publication Crypto Slate claims that the legal battle between Rilsa, the SEC and Ripple has been going on for over two years, causing pain to many XRP holders.
He also argued that if the courts sided with regulators, it would likely set a precedent for the SEC’s role in harming the emerging cryptocurrency industry.
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