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 conducting an unregistered securities offering by selling XRP, raising more than $1.3 billion. Ripple has defended itself by claiming that XRP is a currency, not a security, and therefore should not fall under the SEC’s jurisdiction.
The trial, scheduled for April 23, is approaching, marking what seems to be the final chapter of this dispute. Before the trial takes place, both parties must adhere to certain court rules. Recently, the SEC was granted an extension to provide essential data related to the schedule for remedies briefing. The opening brief is due on March 22, with Ripple’s opposition expected by April 22.
American attorney James Filan disclosed that both parties have filed a joint letter seeking approval from magistrates regarding sealing issues related to the upcoming remedies-related briefing. The letter proposes a schedule for redactions after reply briefs are filed, aiming to address all sealing issues in one set of letter-briefs to allow ample time for discussion.
The resolution of this lawsuit holds significant weight for XRP and the cryptocurrency market as a whole. Previous legal victories for Ripple have caused notable price surges for XRP. For instance, when Ripple secured its first partial court win last year, the price of XRP surged by over 70%. Subsequent victories also led to price increases, albeit more modest ones.
The upcoming trial between Ripple and the SEC over XRP’s legal status will be a critical event for both parties involved and the broader cryptocurrency market. The outcome of this legal battle has the potential to significantly impact the price of XRP and create volatility in the market. As the trial date approaches, all eyes will be on the courtroom to see how this dispute unfolds and what implications it may have for the future of XRP.