Mark your calendars for May 30 as that is when the much-anticipated public Zoom hearing for the Ripple case is scheduled to take place. Despite experiencing a recent decline, the price of XRP remains strong at $0.5121, indicating its good performance in the market.
This hearing holds significant importance as it pertains to the class action lawsuit against Ripple Labs. Various motions to exclude testimony from key witnesses and a petition for summary judgment will be addressed during this public hearing. The best part is that the hearing is open to public engagement and observation, with Zoom allowing access to all counsel, the public, and the media.
This hearing, known as “In re Ripple Labs Inc, Zakinov vs Ripple,” may have far-reaching implications, possibly affecting the current SEC v. Ripple case. Prominent XRP attorneys, including Fred Rispoli, have stressed the potential significance of this hearing. The judge’s rulings on the summary judgment and the petitions to exclude testimony could shape the legal landscape for Ripple and XRP moving forward.
During the hearing, the court will consider requests to exclude testimony from several crucial witnesses, including Alan Schwartz, Professor Joel Seligman, S.P. Kothari, Laurentius Maraius, Steven P. Feinstein, Jeremy Clark, and Saifedean Ammous. Additionally, Judge Phyllis J. Hamilton will make her decision on the summary judgment motion. The lawsuits allege that Ripple violated federal and state securities laws by offering XRP as unregistered securities and employing unfair business tactics.
Notably, pro-XRP attorney Bill Morgan has emphasized the importance of not including Alan Schwartz’s testimony. Schwartz, the executive chairman of Guggenheim Partners, was previously allowed to testify in the Ripple v. SEC case by Judge Analisa Torres. The outcome of the Zakinov v. Ripple case’s summary judgment could also have implications for other ongoing litigations involving the SEC, such as those against major cryptocurrency exchanges like Binance and Coinbase. Experts believe that after the remedies stage, the SEC will challenge Judge Torres’s previous rulings.
Despite facing continuous legal challenges and market volatility, XRP has remained resilient. Currently valued at approximately $0.5121, it experienced a slight decline of 0.60% in the past day. However, over the past seven days, XRP has gained 1.39%, showcasing its strength amidst the turbulent market conditions.
Ripple CEO Brad Garlinghouse has been vocal about his thoughts on crypto non-partisanship, his predictions for the cryptocurrency industry, and his remarks on the SEC litigation. He remains optimistic about XRP’s future and believes that the SEC will ultimately lose the case, despite any appeals or defenses.
In addition, Stuart Alderoty, the Chief Legal Officer (CLO) of Ripple, has been actively advocating against contentious cryptocurrency regulatory plans aimed at the SEC, urging the Senate to reject them.
For those interested in Ripple, it is recommended to check out our guide on buying Ripple (XRP) and our Ripple XRP wallet tutorial. Stay updated with the latest XRP news and keep track of the 24-hour XRP price.
And if you’re wondering what Ripple (XRP) is, it is a digital currency that aims to facilitate fast and low-cost international money transfers.
