Eleanor Terrett, a Fox Business correspondent, sees three outcomes for summary judgment in the Ripple-SEC case.

“For those not in the XRP community: If Judge Torres comes back with a decision on summary judgment in the Ripple case this week, one of three things could happen: She could side with Ripple, she could side with the SEC, or she could decide the case should go to trial,” Terrett tweeted.

According to CryptoLaw founder John Deaton, Judge Torres will favor Ripple CEO Brad Garlinghouse and Chris Larsen. He believes Judge Torres will declare that no reasonable jury could conclude that the two executives were irresponsible in failing to recognize XRP as a security when the SEC did not.

In the most recent developments in the case, Ripple defendants have presented Judge Michael Wiles’ decision in the Voyager bankruptcy case, which rejected the SEC’s concerns, in support of its fair notice defense.

Messari’s Ryan Selkis convinced XRP Ledger deserves to go global

Messari co-founder and CEO Ryan Selkis have joined Ripple as a new supporter. Turning to his preferred communication channel, Selkis stated that, despite his previous criticism of Ripple for various reasons, he wants the company to prevail in its ongoing litigation against the Securities and Exchange Commission (SEC).

Selkis believes the XRP-SEC lawsuit is “overreaching,” joining other loud critics criticizing the market regulator for going after crypto businesses. Selkis stated in a Messari thread that “XRP Ledger should be afforded the opportunity to compete fairly on digital payments infra globally” due to the availability of demand.

Despite the SEC litigation, Ripple has constantly extended its operations beyond the borders of the United States. With strategic collaborations signed across the board, XRP Ledger’s payment infrastructure is now being used for remittance purposes in more regions than ever. According to the Messari update, XRP Ledger is poised to deliver financial services to people and established financial institutions such as central banks.

One critical question is whether Messari’s new assistance from Ryan Selkis will make a difference in the trajectory of the litigation moving forward. Since the beginning of the legal battle, Ripple has supported pro-crypto lawyers like John Deaton and James K. Filan, who have helped shape the impressions of both the court and the public.

While Messari’s voice will help legitimize the Ripple business model and technology among the general public, it may have little to no weight on the lawsuit, especially when the summary judgment phase is likely.

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In a recent tweet, Ryan Selkis, the CEO of Messari, has called for urgent action from Congress on digital assets, citing the economic and technical potential of cryptocurrencies and refuting misinformation. Selkis has sent a letter to a dozen Congressional leaders outlining the need for prudent, effective crypto legislation and calling for the exercise of oversight authority over financial regulators.

The letter is said to be thoroughly documented and Selkis has invited other founders and investors to reach out for more details. He also emphasized the need for a coordinated campaign for crypto, stating that the status quo will harm the US economy and national security.

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Selkis highlights three core pieces of legislation that are urgently required: stablecoins and banking rules and regulations, hosted exchange and custody registration norms, and token reporting and disclosures rules. He suggests breaking these issues up to focus on the most pressing needs and not to conflate different policy requirements.

Selkis believes that a campaign for crypto requires the coordination of multiple entities and hundreds of leaders, as well as funding. He argues that the industry is under direct attack, and state authorities are flexing their muscles. Selkis suggests that a coordinated effort is required to fight back calmly, intelligently, and effectively.

The CEO of Messari is not alone in his call for more effective crypto legislation. The Infrastructure Bill debacle in 2021 highlighted the urgent need for clear regulations to support the burgeoning digital asset industry. Many other industry leaders have called for more clarity and stability in crypto regulations, and Selkis’s letter to Congress represents a significant step forward in this campaign.

The coming weeks and months will be crucial in determining the future direction of the US digital asset industry. The coordination of multiple entities and leaders, as well as funding, will be required to fight back against what Selkis sees as direct attacks on the industry. However, he is optimistic that with a coordinated effort, the industry can win this battle and continue to grow and thrive.

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This article was republished from azcoinnews.com