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Thursday, April 18, 2024

Ripple v. SEC Update February 20 (Important)

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TL;DR

  • Ripple faces a critical deadline in its ongoing lawsuit with the SEC.
  • The case’s outcome could majorly influence XRP’s market value and the cryptocurrency industry’s regulatory landscape.

The Upcoming Development

The lengthy lawsuit between Ripple and the United States Securities and Exchange Commission (SEC) nears an important deadline that could have an important impact. The company must comply with the regulator’s requirements and provide essential documents included in the remedies-related discovery.

It is worth noting that Ripple had until February 12 to hand over the necessary data but requested an extension of the deadline with an additional eight days.

Remedy-related discovery helps attorneys gather evidence supporting their client’s case and prepares them properly for the court battle.

The trial between Ripple and the SEC is scheduled for April 23, as the firm seemingly has the upper hand after securing three vital (yet partial) victories last year. The SEC also scored a point recently, with Judge Sarah Netburn ruling that Ripple should disclose important financial records for 2022 and 2023 (as insisted by the regulator).

The outcome of the lawsuit could have a significant impact on XRP’s price and the entire cryptocurrency market. A decisive Ripple win might trigger enthusiasm and lead to a bull run, whereas the opposite scenario could hamper the industry’s progress and lead to the implementation of stringent rules.

Three Years and Counting

The lawsuit between the two parties dates back to December 2020, when the SEC accused Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. Over the years, the battle has passed through multiple stages, with both entities firing shots at each other.

The resolution remains unclear, prompting some members of the crypto community to come up with flippant scenarios. The X (Twitter) user shared an outlook of the next decade, jokingly claiming that the lawsuit would still be on due to the SEC’s constant desire to appeal the court’s decisions.

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