Ripple v. SEC Trial Entering Critical Phase: Here’s What You Need to Know
TL;DR
- The legal battle between Ripple and the US SEC has reached its trial stage, indicating a possible nearing settlement, though the complex nature of the case might extend its duration.
- The lawsuit’s resolution could greatly impact the cryptocurrency market, potentially driving significant price movements in XRP and other digital assets, depending on the outcome.
On to the Next Chapter
The legal battle between Ripple and the US SEC, which has been going on for three and a half years, entered its trial stage at the end of April. While many industry participants believe this could be a sign of a soon-approaching settlement, the complexity of the court process may drag the case a bit longer.
Over the past several weeks, the quarrel has witnessed numerous developments from both sides, including filing important letters and motions. The latest action occurred earlier this week, with the SEC presenting its remedies reply brief and supporting exhibits under seal.
The popular American lawyer Jeremy Hogan outlined that the move completed the briefs phase, claiming the regulator “went out with a whimper here.”
“It didn’t even try to attack ODL sales, just noting that Ripple was trying to re-litigate the issue (which it is). And it brought nothing new on damages,” he added.
Hogan believes the case now enters a stage with fewer developments where both sides must wait for the judge’s decision.
The Ruling’s Possible Impact
The resolution of the lawsuit could trigger substantial price movements in the entire cryptocurrency industry. A decisive win for Ripple may result in a rally for XRP and many other leading digital assets, whereas the opposite scenario might hamper the sector’s progress and lead to the implementation of stringent rules.
So far, the company has secured three partial court victories, and according to some, that makes the SEC the underdog. XRP’s value soared significantly after each triumph, with the most impressive spike registered last summer.
Back then, the asset skyrocketed by over 70% in a matter of hours after Judge Analisa Torres ruled that Ripple’s programmatic sales to secondary trading platforms do not constitute offers of investment contracts.
Those willing to diver deeper into the specifics of the lawsuit can do so by watching our dedicated video below:
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