At time of writing, XRP grew by 17% in value for the past 24 hours and has a market cap of over $23 billion. The U.S. Securities and Exchange Commission (SEC)’s lawsuit against Ripple that was filed in December 2020 and is anticipated to be resolved in the first half of 2023, can be credited to this rise.
The Bittner v. United States ruling was cited by Ripple Labs in a recent court filing to support its fair notice defence against the SEC. According to Ripple, market players are left confused and uncertain as a result of the SEC’s failure to provide clear guidelines on how to navigate securities regulations for digital assets.
Brad Garlinghouse, the CEO of ripple, is still hopeful that the highly publicised litigation will be addressed in the first half of the year. The outcome of the court dispute may be crucial to the future of other coins and the Ripple-linked token.
The overall crypto industry is still in the dark because of unclear regulations. If Ripple does manage to defeat the SEC, many members of the XRP community anticipate that the coin will rise to new heights — no longer bound by the legal troubles.
The lawsuit in question started back in December 2020 when the SEC sued Ripple for allegedly raising over $1.3 billion through an “unregistered, ongoing digital asset securities offering” — which is XRP in this case.
Recent developments in the lawsuit, such as a Letter Notice of Additional Authority issued yesterday, have boosted market confidence in the case’s outcome.
The defendants in the Ripple case filed this letter in an attempt to bolster their fair notice defence by citing a different court case in which Judge Michael E. Wiles of the U.S. Bankruptcy Court for the Southern District of New York rejected an SEC argument as he found it to be too unclear.