- The ongoing legal battle between Ripple and the SEC has seen recent developments, with sealed filings and scheduled court submissions. This has coincided with a slight uptick in the price of XRP.
- The lawsuit, which began in December 2020, revolves around the SEC’s accusation of Ripple conducting an unregistered securities offering.
As the legal conflict between Ripple and the SEC intensifies, recent developments and court submissions have led to a slight increase in XRP’s price. The lawsuit, which began in December 2020, accuses Ripple of conducting an unregistered securities offering.
Recent Developments in the Ripple-SEC Lawsuit
The legal conflict between Ripple and the US Securities and Exchange Commission (SEC) continues to escalate. The latest move comes from the SEC, which has filed its remedies reply brief and supporting exhibits under seal. The redacted and public version of this data is set to be presented by May 8. Prior to this, both parties are expected to meet and confer to identify redactions sought by each side.
Upcoming Court Submissions and XRP Price Reaction
There are several key developments scheduled for this month. On May 13, the parties are set to file omnibus letter motions to seal all materials relating to the remedies briefings, such as documents, declarations, and supporting exhibits. A week later, they are expected to file letter briefs in opposition to omnibus letter motions to seal. The official document states that the parties would be required to file public, redacted versions of all documents within 14 days of the Court’s rulings on the omnibus sealing motions. The price of XRP reacted positively to these developments, briefly surging to almost $0.57. It has since retraced to its current level of $0.54, marking a 5% increase on a weekly scale.
Overview of the Ripple-SEC Lawsuit
The legal battle between Ripple and the US SEC began in December 2020 when the watchdog accused the company of illegally raising over $1.3 billion in an unregistered securities offering by selling XRP. Ripple maintains that its native token should not be classified as a security, and thus does not fall under the agency’s jurisdiction. After years of back-and-forth with little progress towards a final settlement, the dispute entered its trial phase last month. Ripple has secured three important partial victories and, according to some, has the upper hand. The outcome of the lawsuit remains uncertain, with many industry participants predicting it could drag on for years due to delays from both sides and the complexity of the legal process. However, American attorney Jeremy Hogan is optimistic that a resolution could be reached this summer, with Ripple and the SEC potentially agreeing on a $100 million settlement.
Conclusion
The ongoing legal battle between Ripple and the SEC continues to evolve, with recent sealed filings and scheduled court submissions. The outcome of the lawsuit remains uncertain, but it has already had a noticeable impact on the price of XRP. As the legal proceedings continue, all eyes will be on the court’s decisions and their potential implications for Ripple and the wider crypto market.
