New lawsuit will impact crypto space for years, says a legal expert.
The U.S Securities and Exchange Commission has continued its crypto case against Ripple. A legal expert says the case and its outcome could impact “the entire space for years to come” meaning crypto could definitely be changed by the outcome of the case.
Jeremy Hogan, a XRP proponent and lawyer spoke to his over 226k followers about the “huge week” in crypto and stated this about the case:
“The Ripple summary judgment briefs will be filed today (although we won’t see them until Monday) and a decision in the LBRY case is expected this week. These two things will affect the entire space for years to come”
Both Ripple and the SEC have filed their motions for summary judgment and both will file public redacted versions of their briefs next Monday.
Ripple has been sued by the SEC with the governmental arm stating that the XRP token is an unregistered security. Ripple isn’t the only entity being suited by the governmental regulator as LBRY, a decentralized video-hosting platform has always been hit with a lawsuit claiming the project sold LBRY Credits and unregistered securities. If the SEC were to win against LBRY that would indeed bode badly for Ripple.