Why is July 1, 2023 an important date for the ruling on the Ripple lawsuit?

Former SEC Director Called Vitalik Buterin Before His Speech

With the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple Labs taking a new turn with the public release of files related to Hinman’s speech, it is now up to Judge Analisa Torres to make the long-awaited final ruling. In essence, the Hinman papers showed that the SEC supports Ethereum over other crypto tokens. Hinman emphasized that digital assets offered as securities could eventually turn into non-securities. However, he decided to only call Ethereum a non-security while XRP holders were hurt by the Ripple lawsuit.

In March 2023, Judge Torres ruled on motions filed by both parties to exclude expert testimony. More than 100 days after the March decision, the final decision is still pending. This delay is longer than the average time for a judge to reach a decision in previous cases, and therefore a final decision on the Ripple lawsuit is expected at any time.

Decision to win Ripple XRP before July 1, 2023?

The US Federal Reserve has already announced that the FedNow service will be operational in July 2023. The service provides instant payment services to financial institutions throughout the United States around the clock and throughout the year. Interestingly, among the banks that were connected By July 1 launch, there are three Ripple partner banks: Finastra, Volante Technologies, and ACI Worldwide. Consequently, the crypto community is wondering if Ripple’s lawsuit should be ruled before the FedNow launch to ensure compliance with the law .

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