The post Ripple vs SEC: What to Expect Next in the Ongoing Legal Battle appeared first on Coinpedia Fintech News
The legal battle between Ripple and the US Securities and Exchange Commission (SEC) has been ongoing since December 2020. The SEC accused Ripple of raising over $1.3 billion through unregistered securities offerings by selling XRP. As this battle continues, many are wondering what to expect next.
On the other hand, Ripple’s native coin has been hovering around $0.50 since US District Judge Analisa Torres ruled XRP is not secure, following the news that XRP surged to $0.93.
Recap Of Ripple Vs Sec Court Ruling
Initially, it seemed the lawsuit was nearing an end, the new disagreements have extended the case. On May 13, Ripple filed a motion to seal remedies-related documents, aiming to protect itself from “significant harm” that could occur if these documents were made public.
In its response on May 20, the SEC called for the court to dismiss Ripple’s request, believing this data could shed more light on Ripple’s past XRP sales and be crucial in the legal proceedings. Furthermore, the SEC accused Ripple of attempting to hide the extent of these “discriminatory” discounts.
#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed its response to @Ripple’s Motion to Seal. pic.twitter.com/zH9XYWbSsh
— James K. Filan (@FilanLaw) May 21, 2024
Ripple countered, stating that these documents are now irrelevant due to changes in their sales procedures. They also highlight that the court ruled XRP is not a security, which should differentiate it from the sale of investment contracts.
What to Expect Next?
Meanwhile, Ashley Prosper, a prominent XRP community member, believes Judge Analisa Torres could deliver her final decision between July and September 2024, with the possibility of the parties settling around that time.
#XRP #XRPCommunityAnd now we wait for Judge Torres to rule, somewhere between July – September. Or maybe the parties settle before that. Either way, we shall persevere. https://t.co/n8HUFivrGR
— Ashley PROSPER (@AshleyPROSPER1) May 6, 2024
However, Lawyer Jeremy Hogan thinks a quick resolution is possible, speculating that the parties might settle on a $100 million agreement soon. However, the SEC is seeking nearly $2 billion in fines from Ripple.
Lawsuit Impact On XRP?
While investors remain cautious due to uncertainty about XRP’s regulatory status, causing its price to fluctuate between $0.530 and $0.4965.
Many experts predict that a favorable court ruling for Ripple could lead to a significant price surge, potentially reaching its all-time high of $3.34, last seen in 2021.
