The recent lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple Labs Inc. has been making headlines in the cryptocurrency world. The SEC alleges that Ripple Labs Inc. violated federal securities laws by selling unregistered securities in the form of its XRP cryptocurrency. Ripple Labs Inc. has denied the allegations and is fighting the charges.

The case has been ongoing since December 2020, and recently, several experts have been called to testify on behalf of both sides. The SEC has called upon experts to testify on the nature of XRP and how it is used in the cryptocurrency market. On the other hand, Ripple Labs Inc. has called upon experts to testify on the legal implications of the SEC’s lawsuit and how it could affect the cryptocurrency industry as a whole.

One of the most notable experts to testify in the case is Professor Stephen McKeon, a finance professor at the University of Oregon. Professor McKeon was called to testify on behalf of Ripple Labs Inc. and argued that XRP should not be classified as a security under federal law. He argued that XRP does not meet the criteria for a security as defined by the Howey Test, which is used to determine whether an asset is a security or not.

Another expert to testify in the case was Professor David Yermack, a finance professor at New York University’s Stern School of Business. Professor Yermack was called to testify on behalf of the SEC and argued that XRP should be classified as a security under federal law. He argued that XRP meets the criteria for a security as defined by the Howey Test and should be regulated as such.

The SEC’s lawsuit against Ripple Labs Inc. is ongoing, and it remains to be seen how it will ultimately be resolved. In the meantime, experts from both sides have been providing valuable insight into the case and helping to inform the public about the legal implications of the SEC’s lawsuit and how it could affect the cryptocurrency industry as a whole.