NewsletterHow XRP Lawsuit Summary Judgment Could Change Ripple’s Relation With Banks
Crypto Market News: The U.S. Securities and Exchange Commission’s (SEC) complaint against Ripple already caused irreversible damage to the XRP community and the crypto market. However, the SEC’s recent enforcement actions against crypto businesses makes one wonder if the companies under question may be in for a long drawn legal fight. Brad Garlinghouse, the Ripple CEO, recently stressed that Ripple could be at an advantage since the XRP lawsuit is in its final stages. The United States market is key to most crypto businesses, despite ongoing efforts to migrate to other jurisdictions.
Also Read: Ripple Lawsuit Proves Free Market Doesn’t Exist: XRP Lawyer
The Summary Judgement in the lawsuit could be delivered at any time by Judge Analisa Torres, who is overseeing the case. On the flip side, the timeline for the judgment could be dragged as far as the end of the year 2023.
XRP Acceptance After Lawsuit Judgment
John Deaton, the attorney representing XRP token holders in the lawsuit, reiterated his argument about the damage to Ripple due to the legal concerns. He also cited an example of Rendimento bank not using XRP due to regulatory reasons, despite the bank being the first to use Ripple’s blockchain payments.
“People grossly underestimate the damage the lawsuit has caused Ripple and XRP. People cite Ripple’s growth outside the U.S. but the U.S. market is very important. Ripple isn’t even offering XRP for its own Liquidity Hub platform!”
Overall, financial institutions would be better off using products like those offered by Ripple, in a regulated environment. Big banks like JP Morgan have already begun working towards providing blockchain based solutions, but it is the smaller US banks that can have maximum impact on customers.
Also Read: Binance To Suspend Crypto Services For Japan By November 30
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