The legal battle between Ripple and the United States Securities and Exchange Commission (SEC) regarding the legal status of XRP has been a long and arduous one, with the trial scheduled to take place on April 23. This trial is expected to be the final chapter in the dispute that began in December 2020 when the regulator accused Ripple of conducting an unregistered securities offering by selling XRP.
Both parties involved in the lawsuit must adhere to certain court rules before the trial begins. Recently, the SEC was granted an extension to provide essential data related to the schedule for remedies briefing. This data is crucial for the proceedings, with the SEC’s opening brief due on March 22 and Ripple’s opposition expected by April 22.
A joint letter was filed by the parties, seeking the magistrates’ approval to govern sealing issues related to the upcoming remedies-related briefing. The letter proposed a schedule for redactions to be made after the reply briefs are filed in order to streamline the process and allow for proper time for both parties to confer.
The outcome of the lawsuit is eagerly awaited by industry participants as it could have a significant impact on XRP’s price and the entire cryptocurrency market. Previous legal victories for Ripple have led to notable surges in the price of XRP, with the asset spiking by over 70% after the first partial court win and experiencing additional increases following two more victories.
As the Ripple v. SEC case nears its trial date, the cryptocurrency community is on edge, waiting to see how the legal battle will unfold and what implications it will have for XRP’s future. The resolution of this case could prove to be a crucial turning point for Ripple and XRP, potentially reshaping the landscape of the cryptocurrency market.
Leave a Reply