A judge in the Voyager vs. Ripple lawsuit has provided another argument in favor of Ripple, thereby extending their winning streak. Ripple has been facing a lawsuit from the SEC, claiming that the company violated securities laws through the sale of XRP. However, the judge stated that the SEC failed to provide clear guidelines on what constitutes a security, thereby strengthening Ripple’s position. The decision comes after a series of legal victories for Ripple that have steadily built the company’s case against the SEC. With this development, Ripple’s chances of emerging victorious in the lawsuit have increased significantly.
Ripple Labs is still awaiting a judge’s ruling from the Southern District Court of New York in the US Securities and Exchange Commission (SEC) case, but it may have received a winning argument from the judge in the Voyager case. In that case, Judge Michael Wiles addressed the ambiguous legal situation for the crypto industry with strong words in his approval for bankrupt crypto lender Voyager Digital to sell its assets and transfer its customers to Binance.US. The ruling includes a striking passage that states the regulators themselves don’t seem to agree on whether cryptocurrencies are commodities or securities, and the uncertainty has persisted despite the fact that cryptocurrency exchanges have been around for years. This wording could be a winning argument based on the “fair notice” defense for Ripple in its SEC case.
The SEC’s “Operation Choke Point” against the crypto industry has become increasingly apparent, and the pressure is likely to continue to grow. XRP community attorney John E. Deaton explained in a recent statement that the SEC plans to expand its enforcement actions to over 100. He recommended that Ripple and LBRY’s defense teams coordinate since there is a coordinated anti-crypto effort underway.
At present, XRP is trading at $0.3638, continuing its downtrend since the end of January.