Why Is July 1st, 2023 Crucial For the Ripple Lawsuit Judgement?

The US Federal Reserve’s significant achievement makes July 1, 2023, the optimal date for the Ripple case’s final ruling.

With the public release of documents relating to the Hinman Speech, the U.S. Securities and Exchange Commission’s (SEC) action against Ripple Labs has taken a new direction. It is now up to Judge Analisa Torres to issue the much anticipated summary judgement. In essence, the Hinman records showed that Ethereum was preferred to other crypto coins by the SEC.

Digital assets that are provided as securities may eventually transform into non-security assets, according to Hinman. While the holders of XRP have been impacted by the Ripple litigation on the same grounds, he decided to exclusively mention Ethereum as not being a security.

Judge Torres made a decision on applications from both parties to exclude expert testimony in March 2023. The summary judgement is still not available, more than 100 days after the March decision. The summary judgement in the Ripple litigation is anticipated to be issued at any moment as a result of the longer wait than the judge’s typical period as calculated from Daubert findings in prior cases.

Will Ripple XRP Be declared Victorious Before July 1, 2023?
The FedNow Service will launch in July 2023, as the US Federal Reserve had previously indicated. The program enables banking institutions all around the United States to offer rapid payment services 24 hours a day, 365 days a year.

It’s interesting to note that three Ripple-partnered banks—Finastra, Volante Technologies, and ACI Worldwide—are among the banks that have signed up for the July 1 launch. In order to assure legal compliance, the cryptocurrency community is asking if the Ripple case verdict needs to be given before FedNow launches.

Get free access to our lifetime VIP membership. Join us here.