Why is July 1st an important date in the Ripple trial?

Lawsuit by the US Securities and Exchange Commission (U.S. Securities and Exchange Commission) against Ripple Labs has taken a new public turn by releasing files related to the Hinman Speech, and now it’s all in Judge Analise’s hands Torres to grant the long-awaited summary judgment.

In essence, the Hinman documents revealed that the SEC was favorable to Ethereum, compared to other crypto tokens. Hinman emphasized that digital assets are offered as valuable paper can turn into non-valuable assets over time. However, Hinman is decided to name only Ethereum as a security, while XRP holders are affected Ripple’s lawsuit based on the same argument.

In March 2023, Judge Torres ruled on both parties’ motions to exclude expert testimony. More than 100 days after the judgment from March, the abbreviated sentence is still awaited judgments. This delay is longer than the average judge time taken from Daubert decisions in previous cases, so summary judgment in Ripple’s lawsuit is expected to come every moment.

An important date in the case of Ripple is July 1, 2023. The reason for this is that they are Federal the US Reserve has already announced the FedNow service, which will start operating in July 2023. FedNow provides payment service to financial institutions across the United States, 24 hours a day and throughout the year.

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