Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Ripple v. SEC Lawsuit Update: What to Expect in March?

Ripple v. SEC Lawsuit Update: What to Expect in March?

CryptopotatoCryptopotato2024/03/14 13:01
By:Dimitar DzhondzhorovMore posts by this author

Check out what needs to happen by March 22.

TL;DR

  • Ripple’s legal battle with the SEC over XRP’s classification is set for trial on April 23, following the company’s three partial wins in 2023.
  • The lawsuit’s outcome could significantly affect XRP’s value, but a final decision might be delayed until 2026 due to potential appeals.

Ripple and the United States Securities and Exchange Commission (SEC) have been confronting since December 2020 when the regulator accused the firm of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP.

For its part, the company argues that its native token is a currency rather than a security and thus does not fall under the SEC’s jurisdiction.

The entities fired numerous shots at each other in the past few years, not pulling back from their stances. The lawsuit will be resolved at a grand trial  scheduled  for April 23, with Ripple currently having the upper hand after  securing  three partial court wins in 2023.

Prior to that, though, there are certain court rules that the parties should comply with. The American attorney James Filan  posted  on X the schedule for remedies briefing, according to which the SEC’s opening brief is due on March 22.

It is worth mentioning that the watchdog was recently  granted  an extension on the deadline as initially, it had to provide the essential documents by March 13. 

Ripple’s opposition brief is due on April 22, while the SEC’s reply brief should be presented by May 6, Filan added. 

The lawsuit’s outcome is touted as a major factor fueling a rally for XRP (in case of a decisive victory for Ripple, of course). However, the start of the trial does not necessarily mean that we will witness a resolution this year.

Not long ago, ChatGPT  estimated  that the final judgment might occur in the summer of 2024, but potential appeals from both sides could delay the outcome until 2026.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Ethereum Sees $48M Purchase From Trump-Endorsed Crypto Initiative: Future Predictions

World Liberty's Significant Ethereum Purchase: Increasing Treasury Holdings and Attracting Institutional Support

Coineagle2025/01/22 09:55

Will Q1 Trends Propel Ethereum Towards the $3500 Milestone?

Whale Accumulation, Q1 Market Trends, and Ethereum Foundation Shifts: Key Drivers for Ethereum's Potential Surge to $3500

Coineagle2025/01/22 09:55

SEC Appoints Hester Peirce to Cryptocurrency Task Force: The Bullish Development Everyone Expected Could Be Coming Soon

The SEC has appointed cryptocurrency advocate Hester Peirce to head its newly formed cryptocurrency task force. So what happens now?

Bitcoinsistemi2025/01/22 09:44

Investment Giant BlackRock Continues Its Leadership in Both Bitcoin and Ethereum ETFs! Here Are the Details

Both Bitcoin and Ethereum continue to attract institutional capital, with spot exchange-traded funds reporting significant net inflows.

Bitcoinsistemi2025/01/22 09:44