Breaking Crypto News for Ripple-SEC Lawsuit – The Cryptonomist
Crypto News: Ripple has again been mentioned by Twitter users in their debate on the NBA Top Shot NFT ruling, whose judge mentioned safety. In fact, it is unclear whether Ripple’s lawsuit against the SEC may have other issues that could affect the outcome.
Ripple: the crypto news about NBA Top Shot NFTs and the case against the SEC
Undoubtedly, Ripple’s never-ending lawsuit against the SEC on the question that XRP may be a security that haunts lawyers and Twitter users to the point that they see it everywhere.
And indeed recently, James Murphyon Twitter, “MetaLawMan,” a lawyer and strategy consultant, posted a roundup of tweets suggesting that the new ruling on NBA Top Shot NFTs has something to do with Ripple.
2/ The Top Shot decision is a decision on a motion to dismiss the complaint – assuming all allegations in the complaint are true.
Ripple, on the other hand, is at the summary stage where the judge looks at the evidence presented by the parties.
— MetaLawMan (@MetaLawMan) 22 February 2023
Essentially, U.S. District Judge Victor Marrero stated that in his decision Dapper Labs‘ The NFT collection appears to meet the requirements for “security”. during the Howey test. On that basis, he denied Dapper Labs’ proposed motion to dismiss.
The NFT collection of NBA Top Shots launched in 2021 and was a huge success. However, in May of that year, Dapper Labs was sued by a plaintiff who claimed that the NFTs were securities and were not registered with the SEC, which violated US securities laws.
On the other side, the year-long Ripple vs SEC case is waiting for the SEC to decide whether XRP is a security or not.
Ripple and John E. Deaton’s intervention in the NBA Top Shot case
Continuing his tweets, Murphy then listed details of the judge’s ruling in the Top Shot case, such as the fact that it does not cover secondary market sales of NFTs and that the collection is traded on a private blockchain. In this regard, Murphy points out that Ripple uses a public blockchain instead.
In addition to Murphy, Ripple’s lawyer John E. Deaton also talked about the matter. Here is what he had to say:
After Discovery is concluded, the parties will file summary judgment. In sum, the case is just getting started. A motion to dismiss such as the one filed in this case is RARELY granted.
— John E Deaton (@JohnEDeaton1) 22 February 2023
Basically, Deaton points out that unlike the Ripple vs SEC case, the case against the NFT collection has just begun The judge can still decide whether these NFTs are securities or not.
Deaton also added that the only regulatory clarity the cryptocurrency market can get will come from the court’s ruling in the Ripple vs SEC case.
The Ripple community wants to see XRP back on Coinbase
Recently, Deaton himself along with LBRY’s legal team managed to get official confirmation from the SEC that crypto sales on secondary markets, such as exchanges, do not constitute security transactions.
This is why the Ripple community started tweeting about that fact Coinbase should show XRP again.
Admittedly, this achievement of Deaton’s is not about the final Ripple vs SEC ruling, and that’s why Coinbase could continue with its choice to keep the asset away from the crypto exchange. In fact, no one had ever forced the trading platform to delist, other than the “fear” of receiving a class action lawsuit over XRP.
Deaton also spoke out on the social network of crypto lovers by repeating that the SEC is wrong in the case against Ripple and that in general those who support its victory are overestimating the regulatory agency.
Again, Deaton made it clear that XRP is not a security and does not meet the requirements of the Howey test.
Out of Ripple crypto news
The price of XRP
At the time of writing, XRP is worth $0.39. The sixth largest crypto by market capitalization does not appear to have experienced any major trend changes.
And in fact, before the collapse of FTX that negatively affected the entire crypto market, XRP’s price even reached $0.50, while as of November 8, 2022, XRP has been hovering around $0.40.
Essentially, on Valentine’s Day, which saw big price pumps like Bitcoin (BTC) rising from $21,500 to almost $25,000, and Ethereum (ETH) from $1,500 to $1,720, XRP would have actually jumped, but from a much lower price than the average of $0.40. On February 14, XRP reportedly rose from $0.36 to $0.40.
Nevertheless, XRP still has 1.81% dominance in the total crypto market, with a total market value of over 19 billion dollars.