While the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency sector</a> is waiting for the June 13 release of the controversial documents in the <a href="https://finbold.com/ripple-v-sec-case-update-as-of-may-29-2023/" rel="noopener noreferrer nofollow">legal standoff</a> between the United States Securities and Exchange Commission (<a href="https://finbold.com/topic/sec/" rel="noopener noreferrer nofollow">SEC</a>) and <a href="https://finbold.com/topic/blockchain/" rel="noopener noreferrer nofollow">blockchain</a> firm <a href="https://finbold.com/topic/ripple/" rel="noopener noreferrer nofollow">Ripple</a>, an important hearing awaits that could have an effect on the case, as well as the future of <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> assets.As it happens, the US Congress’ House of Representatives Committee on Agriculture has <a href="https://agriculture.house.gov/calendar/eventsingle.aspx?EventID&#61;7639" rel="noopener noreferrer nofollow">announced</a> a hearing called ‘The Future of Digital Assets: Providing Clarity for Digital Asset Spot Markets’ for June 6, which Ripple’s Senior Director of Global Policy Susan Friedman said was important for crypto in her <a href="https://twitter.com/ss_friedman/status/1664342134676135949" rel="noopener noreferrer nofollow">tweet</a> on June 1.<blockquote>“While the upcoming June 13 HFSC hearing is an important one for crypto, the one being held next week by House Committee on Agriculture is equally so. Congressman Glenn Thompson has been a steadfast supporter of the call for clarity in this space.”</blockquote>Among other speakers, the meeting will hear Paul Grewal, the chief legal officer (CLO) at <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto trading</a> platform <a href="https://finbold.com/review/coinbase-review/" rel="noopener noreferrer nofollow">Coinbase</a>, who has also <a href="https://twitter.com/iampaulgrewal/status/1664709526333935639" rel="noopener noreferrer nofollow">shared</a> his anticipation regarding the June 6 hearing in his tweet on June 2, adding that the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto market</a> regulation bill from congressmen Patrick McHenry and Glenn Thompson “lays a strong foundation for <a href="https://finbold.com/category/regulations-news/" rel="noopener noreferrer nofollow">regulatory</a> jurisdiction and definitions, BD rules, and consumer protections.”<h2 id="header-0">Secondary market sales</h2>More recently, pro-XRP lawyer Jeremy Hogan <a href="https://twitter.com/attorneyjeremy1/status/1665541469204013057" rel="noopener noreferrer nofollow">shared</a> an excerpt from the US Supreme Court case ‘Slack v. Pirani’ that came out last week and which he described as “analogous to <a href="https://finbold.com/cryptocurrency/xrp/" rel="noopener noreferrer nofollow">XRP</a> in the secondary market if/where the XRP was sold as an ‘<a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investment</a> contract.’”As he added, “XRP doesn’t magically maintain status as a ‘security outside the context of the initial ‘contract,’” highlighting the passage in the excerpt which says that:<blockquote>“Section 11 of the 1933 Act requires a plaintiff to plead and prove that he purchased <a href="https://finbold.com/topic/securities/" rel="noopener noreferrer nofollow">securities</a> registered under a materially misleading registration statement. (…) The majority of courts have for years held that §11(a) liability extends only to shares that are traceable to an allegedly defective registration.”</blockquote>Furthermore, <a href="https://twitter.com/attorneyjeremy1/status/1665548899359109120" rel="noopener noreferrer nofollow">replying</a> to a commenter wondering about the effect of the above case on the Ripple lawsuit, Hogan explained that he expected to see it in a Ripple brief on damages or in the Order by Judge Analisa Torres if she addresses secondary market sales.Meanwhile, the <a href="https://finbold.com/guide/how-to-buy-ripple-xrp/" rel="noopener noreferrer nofollow">XRP token</a>, which is at the center of the lawsuit, was at press time changing hands at the price of $0.54, up 1.66% on the day and gaining 11.32% across the previous week, as it advanced by a solid 15.64% on its monthly chart, according to the data retrieved on June 5.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Ripple v. SEC case update as of June 5, 2023

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