- The lawsuit between the SEC and Ripple could see summary judgment sooner than expected.
- In the event of a ruling in favor of the SEC, Ripple and the defendants will continue to appeal. Conversely, if the SEC loses the lawsuit, this will be a new beginning for XRP.
In 2020, the US Securities and Exchange Commission (SEC) accused two executives of blockchain company Ripple of executing a $1.3 billion unregistered securities offering by selling a cryptocurrency, XRP. In the end, we might anticipate pretty close outcomes.
The long-running legal dispute between the SEC and Ripple Labs is awaiting a Summary Judgment from the United States District Court.
However, Amicus curiae attorney John Deaton claimed that the Judge’s judgment in the XRP litigation would be issued within the next few weeks. He also said that a decision might be issued this week.
This declaration was made after Ripple, and the defendants submitted a Letter Notice of Additional Authorities to support their fair notice argument.
The upcoming verdict in the lawsuit is likely to make or break the price of Ripple’s native cryptocurrency, XRP, in the near future. XRP holders’ counsel stated that at this time, XRP has the most appealing risk or reward ratio. If the Commission prevails, the Ripple and Defendant will meet in court and have the opportunity to restore the status quo.
However, if the court rules in Ripple’s favor, it will be apparent that XRP is not a security, which is a huge win for the coin. At this time, XRP has the potential to breach its closest targeted price level of $0.62.
Previously, the SEC responded to the Ripple and Defendants’ letter seeking Additional Authority. It said that neither the Bittner case nor Voyager’s Bankruptcy plan confirmation order would be beneficial to the company. It stressed that the principle of lenity contained in the Bittner judgment does not apply in the context of civil enforcement.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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