Courtโs Decision on XRP Ledger (XRPL) is Vital for Ripple
The recent judgment in the SEC v. Ripple case has shed light on the legality of XRP. While it may seem like XRP came out as the sole winner, the lawsuit has also brought attention to the XRP Ledger and its growing market share. Despite its legal troubles, the XRP Ledger has gained popularity among investors, and the outcome of this emerging asset class is intriguing.
The New York federal court’s decision has significant implications for Ripple and the XRP Ledger. It has clarified that Ripple does not have ownership over XRPL, dispelling a common misconception in the crypto community. This ruling marks a pivotal moment in the legal journey of XRP.
But it doesnโt end thereโฆ
The court emphasized that the SEC’s argument did not align with the situation of XRP according to the Howey test. It clarified that Ripple’s distribution of XRP did not involve a financial investment. The ruling provides legal clarity for XRP and sets a clear path for its future in the world of digital currencies.
Now what?
The SEC can only appeal after the final judgment, without an interlocutory appeal. However, some experts predict that there may not be any more trials in the Ripple case, hinting at a possible settlement claim. The next major event is scheduled for April 23, 2024, when the courtroom drama will unfold at the United States Courthouse in New York.
Before that, there will be a pre-trial where both parties must submit their filings and exhibits by December 4, 2023. This will be followed by motions in limine due on the same date, with oppositions to be filed by December 18, 2023. A pre-trial conference is scheduled for April 16, 2024, where strategies will be fine-tuned for the courtroom battle. The judge has even mentioned the possibility of a settlement discussion.
As the countdown begins, the crypto world eagerly awaits the next major development in this high-stakes legal saga.
Hot Take: XRP’s Legal Journey Takes a Pivotal Turn
The recent court decision in the SEC v. Ripple case has not only clarified the legality of XRP but has also brought attention to the XRP Ledger. While Ripple does not have ownership over XRPL, the XRP Ledger has gained popularity among investors after its legal troubles. This ruling sets a clear path for XRP’s future and leaves many eager for the next developments in this ongoing legal saga.
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