The Ripple vs. SEC Legal Battle: New Deadlines Approved by Court
As the legal battle between blockchain company Ripple and the United States Securities and Exchange Commission (SEC) continues, the court has approved new deadlines for remedies briefing. The revised schedule allows the SEC to submit its opening brief by March 22, Ripple’s opposition is due on April 22, and the regulator’s reply is due by May 6.
SEC’s Request Approved
The SEC had requested the change to the remedies briefing deadlines on February 27. The agency’s legal team cited “good cause” under the Federal Rule of Civil Procedure and emphasized their diligence in completing remedies-related discovery and briefing. Ripple agreed to the SEC’s petition, as it also meant having nine additional days to file its own opening brief.
When Will SEC vs. Ripple End?
The case may not reach its final conclusion before 2026 due to potential appeals in this complex legal battle. Adding to the confusion is a recent note by the European Corporate Governance Institute, which stated that XRP was not considered a security when sold to the public on an exchange but was classified as a security when sold directly to institutional investors.
In response to this note, lawyer Bill Morgan highlighted that the token itself is never a security but can be sold as part of a transaction or scheme that is considered a security. He noted that even some people in the XRP community are still confused about this point.
Currently, XRP is trading at $0.6242, experiencing a 10.24% decline on the day and a 0.62% decrease over the week. However, it still maintains a monthly gain of 12.53% as of March 15.
Hot Take: The Ongoing Ripple vs. SEC Battle
The legal battle between Ripple and the SEC has been a long and contentious one, with significant implications for the cryptocurrency industry. Here are some key takeaways from the ongoing saga:
1. Ripple’s Sales of XRP
- Ripple’s sales of XRP to retail buyers were ruled not to constitute securities sales.
- However, institutional XRP sales were deemed to be securities.
2. The Dispute Over Damages
- The current focus of the legal battle is determining the damages Ripple must pay as a result of the securities violation.
- The SEC is seeking significant penalties from Ripple, while Ripple argues that it should not be held liable.
3. Extension of Deadlines
- The court recently approved new deadlines for remedies briefing, allowing both parties to present their arguments and responses.
- This extension gives Ripple additional time to prepare its opposition and ensures a fair process.
4. Potential Impact on the Crypto Industry
- The outcome of this case could have far-reaching consequences for the cryptocurrency industry as a whole.
- A clear ruling on whether XRP is considered a security or not will provide regulatory clarity for other digital assets.
In conclusion, the Ripple vs. SEC legal battle continues to unfold, with new deadlines approved by the court. The ultimate resolution of this case will have significant implications for Ripple, the SEC, and the broader cryptocurrency industry. As the proceedings continue, stakeholders eagerly await a final verdict that will shape the future of digital asset regulation.
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