Neel Maitra, a former fintech and crypto expert at the US Securities and Exchange Commission (SEC), recently shared his thoughts on the ongoing legal battle between the SEC and Ripple Labs. Speaking at MicroStrategy’s Bitcoin For Corporations event, Maitra discussed the legal complexities surrounding the regulation of the crypto industry, with a focus on the Ripple case.
Maitra highlighted the divergent legal opinions among judges regarding the classification of secondary trading of cryptocurrencies, specifically Ripple’s native token, XRP. He pointed out that three of the relevant judges in this case were unable to agree on how this type of crypto trade should be handled, despite being in the same federal district in New York. This disagreement showcases the nuanced and evolving nature of cryptocurrency regulation, according to Maitra.
In terms of his prediction for the case, Maitra stated that it is likely to proceed to the second circuit and potentially even further. He emphasized that there is still much to be done regarding this specific decision and the Coinbase case as well.
In a separate development, legal experts in the pro-XRP community are predicting that Ripple will likely lose its latest court motion in the ongoing lawsuit with the SEC. Attorney Jeremy Hogan, in a post on Platform X, expressed his belief that the SEC will win this motion, even though it is difficult for him to admit. He expects the court to allow Ripple to depose the witness instead of attacking their credibility.
These predictions come after Ripple filed a letter seeking additional support for its motion to eliminate new specialized materials in response to the SEC’s opposition. Attorney James K. Filan shared this update.
Please note that the views expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.