January 30 Could Be More Important for the Entire Crypto Space!

The Ripple vs SEC case is becoming more and more fascinating as the time for the summary judgment is approaching fast. Both the prosecution and the defendants are trying very hard to keep up their arguments in a court of law, regardless of whether the evidence is having a base or not. The SEC, which constantly blames Ripple for having sold XRP illegally, has not yet produced any substantial evidence of their claim that the token is a security. 

In the latest update, Ripple’s ally LBRY was granted permission to hear an oral argument for its motion to limit SEC’s accesses. The request submitted by LBRY and the courts accepting to hear the arguments is considered a pivotal event. As per John Deaton, the XRP holder representative in the court, it is the most important crypto hearing to date. 

As per the attorney, the SEC is seeking disgorgement against a nonparty entity, which has huge implications and may set a very bad example. Secondly, John also highlights the intentions of the SEC as it proposed a permanent directive. This may, however, assist the SEC to reach the secondary market and disallow transactions. Thirdly, the SEC is seeking inappropriate punitive disgorgement. 

Previously, when SEC won against the KIK case it did not seek such disgorgement corrective as they claimed that all LBC tokens sales were in profits. However, the upcoming hearing may cease the speculations over the next plan of action on January 30, 2023. 

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