What Is the Current Status of the Ripple vs SEC Lawsuit?

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The ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues to unfold with significant developments. Recently, the SEC submitted its remedies reply brief along with supporting exhibits, all initially filed under seal. The public and redacted version of these documents is scheduled to be available by May 8. This step involves both parties collaborating to agree on the redactions each wishes to apply.

What Are the Next Steps in the Ripple vs. SEC Case?

Further proceedings are lined up for this month:

  • On May 13, Ripple and the SEC will submit omnibus letter motions to seal all materials related to the remedies briefings.
  • On May 20, they will file opposing letter briefs concerning the sealing motions.

According to the joint proposal, “the parties would also need to file public, redacted versions of all documents within 14 days following the Court’s decisions on the omnibus sealing motions.”

How Has XRP’s Price Been Affected by Recent Legal Developments?

The price of XRP showed a positive response to the latest legal maneuvers, momentarily rising to nearly $0.57 before settling back to around $0.54, as per CoinGecko. This represents a 5% increase over the week.

Overview of the Ripple Lawsuit

Initiated in December 2020, the lawsuit stems from allegations by the SEC that Ripple raised over $1.3 billion through an unregistered securities offering via XRP sales. Ripple contests these claims, maintaining that XRP should not be classified as a security and, therefore, does not fall under the SEC’s regulatory scope.

Despite years of contentious exchanges and minor judicial victories for Ripple, the dispute has now progressed to its trial phase as of last month. The complexity of the case and procedural delays suggest that a resolution could still be a long way off. However, optimism for a potential settlement this summer has been expressed by American attorney Jeremy Hogan, who speculates that Ripple and the SEC might agree on a $100 million settlement.

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