TL;DR
- The legal battle between Ripple and the US SEC, centered on allegations of illegal XRP sales, is set to continue with a trial on April 23.
Contrary to settlement speculations, Ripple’s Chief Legal Officer confirmed that the two parties are not about to shake hands before the trial.
What’s Coming Next?
The long-running dispute between Ripple and the US Securities and Exchange Commission (SEC) is nearing its conclusion, which has been going on for over three years.
Recall that everything started in December 2020 when the regulator accused the company of illegally selling XRP in an unregistered security offering. Ripple disputed the claims, arguing that its native token should not be considered a security, thus not falling under the SEC’s jurisdiction.
The trial for the battle, scheduled for April 23, is approaching. At this upcoming hearing, a federal judge will determine the final result. Some believe that Ripple’s chances of winning are stronger due to their accomplishment of securing three partial court victories last year.
In addition to the trial commencing this week, Ripple is set to respond to the SEC’s demand for fines by April 22. A response from the SEC is anticipated by May 6.
Previously in this month, there were several predictions among industry players that an accord between the two parties could be reached by April 23. This assumption arose due to the scheduled final pretrial conference on April 16. However, Ripple’s Chief Legal Officer, Stuart Alderoty, dismissed these rumors.
“The SEC chose not to proceed with the pretrial conference for the charges against Brad Garlinghouse and Chris Larsen as they were dropped.”
The Possible Effect on XRP
If Ripple wins the drawn-out legal case, it could significantly boost XRP‘s price. The value of the asset has risen noticeably every time Ripple achieved a partial victory in 2023.
Instead, if things go in the opposite direction, progress in the industry could come to a standstill and lead to the imposition of tough regulations.
For those interested in gaining a deeper understanding of the ongoing lawsuit and its potential impact on Ripple’s native token, please refer to the informative video we have prepared for you below.
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2024-04-22 11:50