What’s the next step?
TL;DR
- The legal conflict between ripple and the SEC continues, with recent sealed filings and planned court filings coinciding with a slight increase in the price of XRP.
- The case began in December 2020, when the regulator accused the firm of engaging in an unregistered securities offering.
Legal controversy with Ripple and the U.S. Securities and Exchange Commission (SEC) continue to focus. The latest action came from the regulator. filed solutions respond to short and sealed supporting exhibits. A corrected, public version of the data is expected to be available by May 8. Before that, both parties need to meet and determine the editorial actions each party is seeking.
Not just these Developments planned for this month. On May 13, the court adversaries are preparing to file omnibus letter motions to seal all materials related to settlement briefs, such as briefs, affidavits, and supporting documents. After one week, they must file letter briefs opposing class letter motions, which will be sealed.
The price of XRP reacted positively to the recent developments and briefly rose to almost $0.57. In the following hours, it retreated to its current level of $0.54 (according to CoinGecko data), up 5% on a weekly scale.
XRP Price, Source: CoinGecko
Brief Summary of the Case
The legal battle between Ripple and the US SEC began in December 2020, when the watchdog accused the company of illegally raising over $1.3 billion in unregistered securities offerings by selling XRP. Company insists its native token is not classified as a security, therefore, it does not fall within the agency’s jurisdiction.
After years of exchanging fire and little progress on a final solution, the debate entered a tentative phase last month. Before it, Ripple trustworthy There are three vital partial victories and, some would say, the upper hand.
It remains unclear when it will happen The outcome will come as many industry participants predict it could take years due to delays from both sides and the complexity of the legal process. One person who is optimistic that we may see a solution this summer is American lawyer Jeremy Hogan. Hey believes Ripple and the SEC may shake hands on a $100 million deal.
For those who want to dive deeper into the details of the case and learn about its impact on the XRP price, feel free to check out our exclusive video below:
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive a special $600 welcome offer on binance (full details).
LIMITED OFFER 2024 for CryptoPotato readers on Bybit: Use this link to sign up for Bybit Exchange for free and open a $500 BTC-USDT position!
#Whats #step