Important Ripple v SEC Development
The company’s recent developments are related to its lawsuit against the US Securities and Exchange Commission (SEC).
Recall that the regulator sued Ripple in December 2020, accusing it of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. For its part, the firm argues that its native token should not be classified as a security, thus standing aside the Commission’s jurisdiction.
The trial between the entities is scheduled for April 23, with Ripple seemingly being the top dog after securing three vital (yet partial) court wins last year. The SEC also achieved a small victory, with Judge Sarah Netburn ordering the firm to disclose important financial records for 2022 and 2023 (as insisted by the watchdog).
Most recently, Ripple had to provide essential data included in the remedies-related discovery phase. The company had until February 12 to do so but requested an extension of the deadline with an additional eight days.
Besides its efforts in the legal field, Ripple has been working on a global expansion. Earlier this week, one of the biggest financial institutions in Egypt – the Commercial International Bank (CIB) – partnered with the company “to implement blockchain technology, enhancing the efficiency of cross-border payments.”