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Ripple Labs lawyers drew the attention of the court to the decision of Judge Michael Wiles in the Voyager Digital case issued in early March
The Ripple (XRP) cryptocurrency rate rose by 20.8% amid a new turn in the litigation of the coin developers with the US Securities and Exchange Commission (SEC). The value of the asset has updated its maximum since November 5, 2022, having risen to $0.49. As of 09:40 GMT on March 22, XRP is trading at $0.47.
The SEC case against Ripple Labs has become one of the most important in the history of cryptocurrencies. Its outcome will determine which digital coins can be recognized as securities under US law.
In December 2020, the SEC sued the blockchain company Ripple, accusing it of selling unregistered securities under the guise of XRP tokens. The litigation between the regulator and Ripple has been going on for more than two years, and neither side has yet been able to convince Judge Analisa Torres of the US District Court for the Southern District of New York that they were right.
On March 20, Ripple’s lawyer James Filan reported that the defendants had submitted new arguments to the court in support of their position. They cited the March 8 decision by Judge Michael Wiles regarding the SEC’s claim to the deal to buy Binance.US the assets of bankrupt crypto lender Voyager Digital.
Wiles dismissed an SEC complaint that urged the deal to be suspended because it suggested that the Voyager platform’s VGX token could fall under the definition of securities, and the Binance.US platform could violate federal securities laws by operating an unregistered securities exchange.
“I reject the claim that the court and the defendants somehow had to figure out for themselves which “aspects” of the VGX token could be considered “security” aspects, or which specific actions by Binance.US could allegedly raise registration issues, and then somehow then present evidence and legal arguments on these issues, ”Forbes quotes Wiles.
The decision in the Voyager case could have major implications for the outcome of the Ripple lawsuit. This decision reinforces the position of the developers, who claim that no clear guidance was given to the company as to whether XRP is a security or not. New arguments against the SEC increased the optimism of market participants, which was reflected in the price of the XRP token.
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