The Legal Battle Between Ripple and SEC Continues
The ongoing legal dispute between blockchain firm Ripple and the Securities Exchange Commission (SEC) is still ongoing, with the latest disagreement centered around financial statements. The SEC previously requested that Ripple disclose its financial statements for 2022-2023 and post-complaint contracts. In response, Ripple has filed a motion challenging this demand, arguing that it is untimely. The company’s legal team believes that the SEC had ample opportunity to pursue this information during fact discovery. Ripple also asserts that the SEC should not be allowed to reverse its position on the relevance of post-complaint discovery. This back-and-forth could potentially cause delays in the trial proceedings, which are set to begin in April.
Possible Delays Due to SEC’s Demand
Ripple expresses concern over potential delays caused by the SEC’s demand for further examination of its post-complaint conduct. This could extend the proceedings and require an extensive fact-discovery period. It is important to note that the SEC filed charges against Ripple in 2020, accusing the company of selling unregistered securities in XRP tokens. While Ripple partially won a ruling stating that XRP does not qualify as a security, the legal challenges continue. Despite these challenges, Ripple sees the case as part of hostile regulatory actions in the US and has considered exploring an IPO outside of the country.
XRP Price Analysis
Despite the ongoing legal battle, the value of XRP has been minimally impacted. At present, XRP is valued at $0.55 with daily gains of about 0.60%. However, technical analysis suggests bearish sentiments for XRP, with indicators leaning towards a “sell” rating and a potential further drop in value before a potential rally.
Hot Take: Ripple and SEC’s Legal Battle Continues with Disagreements Over Financial Statements
The legal dispute between Ripple and the SEC is still ongoing, and the latest point of contention revolves around the disclosure of financial statements. Ripple has filed a motion challenging the SEC’s demand, arguing that it is untimely and irrelevant. The company believes that the SEC had ample opportunities to pursue this information during fact discovery. Furthermore, Ripple expresses concerns over potential delays caused by this demand, which could extend the trial proceedings. Despite these challenges, Ripple views the case as part of hostile regulatory actions in the US and has considered exploring an IPO outside of the country. The impact on XRP’s value has been minimal, but technical analysis suggests bearish sentiments for the token.
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