Ripple does not intend to enter into a pre-trial agreement with the SEC, said legal expert James K. Filan.
According to the lawyer, the consideration of the SEC lawsuit against Ripple may be delayed, since the parties have taken tough positions and do not intend to go to an agreement. Filan stated on Twitter:
– I don’t think that anyone should expect a settlement anytime soon.
Earlier, Ripple’s lawyers asked the court to declare the SEC’s claim insolvent. According to Ripple, the SEC has taken advantage of significant legal uncertainty in the digital asset space, but the company has not done anything illegal. The SEC has accused Ripple of illegally selling XRP tokens as a security in the amount of $1.3 billion.
However, William Hinman, SEC’s former Director of Corporation Finance, testified in court recently at Ripple’s request. This information enables Ripple’s lawyers to boldly strengthen the company’s position. According to Filan, Hinman’s testimony “opened a can of worms” that lawyers will examine for a long time. Hinman admitted under oath that in 2018 he delivered a speech in which he stated:
– Bitcoin is not a security and that “current offers and sales of Ether are not securities transactions.
Citing Hinman’s testimony, Ripple’s lawyers note:
– Hinman has unique first-hand knowledge about the SEC’s communications with third parties and about the agency’s adoption or approval of his well-publicized speech in 2018 about the regulatory treatment of cryptocurrencies.
Ripple will not miss this opportunity to dismiss the SEC’s complaint. But according to Filan, we should not expect a quick victory, this is a protracted war. The expert addresses the XRP bulls:
– The lawsuit between the SEC and Ripple is a “war” and XRP bulls should strap in for the long haul.
However, XRP is already demonstrating significant growth. From July 21 to August 1, the token grew by 47%, from $0.5213 to $0.7677, then corrected. Meanwhile, XRP bulls hope the token will skyrocket as XRP is the only large-cap cryptocurrency that hasn’t hit its all-time high (ATH) of $3.84 since 2018. If the SEC’s claim is dismissed, there is a high probability that XRP will rise to this level, that is, more than 5 times.
XRP is responding with explosive growth to positive news. On July 29, Ripple announced that it launched a financial transfer service between Japan and the Philippines on its platform. Due to this news, XRP rose 16%, and the daily volume increased more than 2.5 times, from $2.6 billion to $6.7 billion.