The legal battle between Ripple and the United States Securities and Exchange Commission (SEC) has been ongoing since December 2020. The SEC accused Ripple of illegally raising over $1.3 billion through an unregistered securities offering by selling XRP. Ripple has consistently argued that XRP is a currency, not a security, and therefore should not be under the jurisdiction of the SEC.
The grand trial for the Ripple v. SEC case is scheduled for April 23, which is expected to be the final chapter of this dispute. Both parties are required to comply with 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, with Ripple required to file its opposition no later than April 22.
American attorney James Filan revealed that the parties have filed a joint letter regarding sealing issues related to the upcoming remedies-related briefing. The letter proposes a schedule for redactions after the reply briefs are filed to streamline the process and allow for sufficient time for discussions between the parties.
The resolution of this lawsuit is highly anticipated by industry participants, as it could have a significant impact on the price of XRP and the broader cryptocurrency market. Previous legal victories for Ripple have resulted in notable price surges for XRP, with the asset spiking by over 70% after securing its first partial court win last year. Subsequent victories also saw modest increases in the price of XRP.
The Ripple v. SEC case has been closely watched by the cryptocurrency community, with the outcome of the trial expected to have far-reaching effects on XRP and the overall market. The legal battle has been marked by intense scrutiny and legal maneuvering, with both parties fighting to assert their positions. As the trial date approaches, all eyes will be on the courtroom as the final chapter of this saga unfolds.
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