the The ongoing legal battle Cryptocurrency payments company Ripple and the US Securities and Exchange Commission (SEC) are taking another significant step forward this week. Both parties are preparing to take the next step forward in the appeals process. This development could have far-reaching implications not only for Ripple but also around the world Ripple price And the crypto industry as a whole.
Next developments and key deadlines in the Ripple and SEC lawsuit
According to Fox Business journalist Eleanor Terrett, today marks an important date for upcoming developments in… Legal battle between Ripple and the SEC. Based on the court’s instructions, October 16 is the final trial deadline US securities To file a Form C. As part of the legal appeals process, a Form C is a procedural filing detailing what a party intends to appeal.
Terrett was revealed at X (formerly Twitter) mail The SEC’s Form C will provide important details about it Planned appeal From the court ruling issued by Judge Analisa Torres in July 2023, which concluded that automated sales of XRP is not classified as a security.
Likewise, Ripple is set to follow the SEC’s appeal motion soon. The company will file its Form C Cross appeal Within seven days of submission by the organizer. That is, if the SEC files a Form C today, the cryptocurrency company will likely file its own form sometime within the next week.
Ripple’s filing is expected to outline its counterarguments, detailing the scope of the cross-appeal. After filing both forms, Ripple and the SEC will negotiate a briefing schedule, after which the regulator will have up to 90 days to file its first legal brief.
The extended legal battle could affect the price of XRP
Terrett revealed that updates regarding the schedule for Ripple and SEC appeal process Presented by Ripple’s Chief Legal Officer (CLO), Stuart Alderotti In a long conversation.
Alderotti has suggested that second It will likely take a full 90 days before he files his first legal brief. This suggests that the regulator may be aiming to extend the appeal process for as long as possible. The opening brief will be a full recitation of all the legal arguments the SEC intends to make against Ripple and Bitcoin. The court ruled in his favor in July 2023.
After the first SEC brief, Ripple will have the opportunity to respond and counter the SEC’s arguments as well. According to Alderotti, the full briefing process between Ripple and the SEC is expected to extend until July 2025.
This means that starting in December 2020, when the regulator first filed a lawsuit against Ripple, the legal battle is now about to stretch over four years, with… Accessibility up to five years If no decision is reached. This protracted legal battle It could have serious consequences for the price of XRP, Which has actually been in a state of stagnation ever since The Securities and Exchange Commission filed a lawsuit.
The cryptocurrency has traded around the $0.5 mark for years, only seeing minor rises to $0.6 when market conditions become more favorable. However, this price increase is always short-lived XRP is often rejected To the $0.5 mark again.
Featured image created with Dall.E, chart from Tradingview.com
Comments are closed, but trackbacks and pingbacks are open.