SEC vs. Ripple: The curious case of the next 21 days and what happens next…
- Ripple and SEC have the next 21 days to file public and redacted versions of the summary judgment.
- At the time of writing, XRP was exchanging hands 5% higher than the last 24 hours.
What once seemed like a never-ending battle between Ripple and the Securities and Exchange Commision (SEC) now seems to be coming to an end. James K. Filan stated that as per the court’s order of 12 September, both parties would have a 21-day period to file public and redacted versions of the summary judgment.
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#XRPCommunity #SECGov v. #Ripple #XRP Update on timing regarding when we should see the documents ordered unsealed. According to the Court’s 9/12/2022 Order, the parties have 21 days to file public, redacted versions of Summary Judgment documents consistent with the sealing… pic.twitter.com/doV5fUxDG5
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) May 17, 2023
On 16 May, Judge Torres denied the SEC’s motion to seal the Hinman documents. As per Filan, 6 June happens to be the date considering the 21-day timeframe given by the court.
#XRPCommunity #XRP #SECGov v. #Ripple BREAKING: Judge Torres denies the SEC's Motion to Seal the Hinman documents.https://t.co/wiatz4vCHL
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) May 16, 2023
The latest ruling denying the SEC’s motion was also considered a small win by Ripple CEO Brad Garlinghouse. He also cited the latest ruling as a win for transparency.
Getting you up to speed
In 2020, the U.S. regulatory watchdog stated that Ripple raised more than $1 billion in 2013 via the sale of XRP as an unregistered security. Since then, the battle between the regulatory authority and the global payment provider has kept the cryptocurrency market on its toes.
In addition to its lawsuit with Ripple, the SEC also managed to stay in the news thanks to its lawsuits with various exchanges. Coinbase and Bittrex have been the latest to face the wrath of the SEC and the unregulated landscape in the country.
Furthermore, SEC chair Gary Gensler’s views about Bitcoin [BTC] as a commodity, his unclear stance about the nature of Ethereum [ETH], and his frequent comments on XRP‘s status as a security added to the chaos.
The state of XRP
At the time of writing, XRP made it to CoinMarketCap’s list of trending cryptocurrencies at rank #11. Additionally, the token was exchanging hands at $0.4438 and was trading 4.98% higher in the last hour. XRP was also trading approximately 5% higher in the last 24 hours.
Furthermore, as per data from LunarCrush XRP made it to rank #4 on the social activity and trading activity front.
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🔟 $tsukahttps://t.co/yOJ8UGK95Y pic.twitter.com/rtd3eTJpTH
— LunarCrush (@LunarCrush) May 17, 2023
Will XRP finally emerge victorious of what seemed like a topsy-turvy lawsuit with roadblocks at every step? Nothing can be with utter certainty. However, the much-talked-about lawsuit holds great importance for the future of the cryptocurrency world. The much-awaited decision would finally clear the air about the disputed term “security”.