Ripple vs. SEC Gears Up for Extended Fight: is XRP in the balance?
The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has hit a critical point, with signs pointing to a potentially lengthy legal process ahead. The court’s recent ruling has ordered Ripple to disclose financial statements and contracts related to “institutional sales” from 2022 and 2023, setting the stage for extended legal proceedings. Many legal experts anticipate Ripple will appeal to the Second Circuit Court, further prolonging the court battle.
Both parties disagree on the classification of XRP sales, which will now be judged based on the financial documents for 2022-2023. The SEC is reluctant to agree that XRP sales aren’t securities transactions, as it could weaken their position in other cases, making it challenging to find a resolution to the dispute.
Ripple Ask for More Time
Ripple has requested more time to gather information, as they believe the deadline to provide additional financial documents is too challenging. They have requested an extension until February 20, 2024, to finish gathering more details, to which the SEC has time to prepare also.
XRP Lawyer’s Say Ripple is Still in Game!
Pro-XRP lawyers reacted to Ripple’s request for an extension. They underscored a critical issue concerning sales of XRP to On-Demand Liquidity (ODL) customers. Anticipating the legal clash to escalate, the deadlock means the XRP community might have to endure a long period of uncertainty until the issue is settled.
Hot Take
The ongoing legal tussle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has reached a crucial turning point, with recent developments indicating a potentially drawn-out legal process ahead. The court’s recent ruling has ordered Ripple to disclose financial statements and contracts related to “institutional sales” from 2022 and 2023, setting the stage for extended legal proceedings. The SEC is reluctant to agree that XRP sales aren’t securities transactions, as it could weaken their position in other cases, making it challenging to find a resolution to the dispute.
By
By
By
By
By
By