"The horror, will Ripple win or lose in Summary Judgment?"
After the Hinman Speech document was revealed last week, the lawsuit between the Securities and Exchange Commission (SEC) of the United States (US) and Ripple (XRP) is now waiting for Judge Analisa Torres to deliver the most awaited Summary Judgment.
Through the following Hinman document, the SEC not only favors Ethereum (ETH) over other cryptocurrencies but insists that digital assets are offered as convertible securities and vice versa.
However, Hinman who is the former director of the SEC who defined ETH only as a non-security has resulted in the price of XRP including its holders being affected after the release of the Hinman Speech.
Following Judge Torres' March 2023 ruling on motions filed by both parties to dismiss expert testimony, Summary Judgment in the XRP lawsuit is expected to come at any time.
In addition, the Federal Reserve (Fed) announced that the FedNow Service will be operational in July 2023, where it facilitates instant payment services by financial institutions throughout the US.
Interestingly, among the banks that will be used for the launch on July 1, 2023 are the three XRP partner banks namely Finastra, Volante Technologies and ACI Worldwide.
As such, the entire crypto community is wondering whether or not the XRP Summary Judgment should be served before the launch of FedNow to ensure legal compliance.
As of this writing, XRP price has surged by 2.13% to $0.49 in the last 24 hours with a market cap of $25 billion but is still down around 4.45% over the last week.
