Ripple v. SEC Lawsuit: What’s the Latest Development?

TL;DR

• The Ripple v. SEC case over XRP’s legal status nears its trial on April 23, following a joint letter regarding trial preparations.
• The lawsuit’s resolution could be crucial for XRP’s price, with previous legal victories for the company prompting notable surges.

The lengthy legal battle between Ripple and the United States Securities and Exchange Commission (SEC) is nearing a grand trial (scheduled for April 23), which seems to be the final chapter of the dispute. 

Recall that the lawsuit was launched in December 2020 when the regulator accused the company of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. Ripple has stood behind the thesis that its native token is a currency rather than a security and, thus, does not fall under the SEC’s jurisdiction.

Prior to the trial, the entities must comply with certain court rules. Not long ago, the watchdog was granted an extension on the deadline to provide essential data related to the schedule for remedies briefing. Its opening brief is due on March 22, while Ripple’s opposition should come no later than April 22. 

The American attorney James Filan recently revealed on X that the parties have filed a joint letter seeking the magistrates’ approval “to govern sealing issues relating to the upcoming remedies-related briefing.” 

“We propose a schedule for redactions soon after the reply briefs are filed, so that all sealing issues can be raised to the Court in one set of letter-briefs instead of piecemeal, and to allow sufficient time for the parties to meet and confer,” the letter reads. 

The outcome of the lawsuit has been long-awaited by industry participants since it can trigger considerable volatility for XRP and the entire cryptocurrency market. 

The price of the asset spiked by over 70% when Ripple secured its first partial court win last year. It jumped again (albeit in a more modest fashion) when the company achieved two additional victories in the following months.