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SEC Considering Long Running XRP Suit Largely Over
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Ripple Vs SEC: The long-running lawsuit is finally on the last leg as plaintiff Ripple submitted all details regarding financial statements and post-complaint XRP institutional sales as required by the SEC. Also, the court granted a week extension to the SEC for reviewing the documents and filing a remedies-related opening brief.
Meanwhile, the XRP community actively awaits final judgment by Judge Torres as SEC attorneys wrote to the court stating they have no intent to appeal the status of XRP. The March 22 deadline for remedies-related briefs will set the inflection point for XRP price direction and bullishness for the broader crypto market.
Ripple Vs SEC Lawsuit Could Over Soon
The SEC has lost legal challenges against Ripple Labs with judges ending up ruling in favor of Ripple attorneys on many arguments, including when the SEC dropped charges against Ripple executives Brad Garlinghouse and Chris Larsen.
Moreover, Empower Oversight pressing the SEC and Office of Inspector General (OIG) in the final stages of investigating the SEC bias against crypto and Ripple, with former SEC Director William Hinman in the spotlight. The OIG’s conclusion of the investigation will be a deciding factor for the SEC v. Ripple Labs lawsuit.
Notably, the U.S. SEC didn’t file any supplemental authority in XRP lawsuit to argue that secondary market sales are securities, considering them investment contracts under the Howey Test. The SEC immediately filed default judgment by the court in Binance and Coinbase lawsuits. The move drew backlash from the crypto community and lawyers, indicating the SEC continuing to act arbitrarily and capriciously.
Also Read: BlackRock & Fidelity Bitcoin ETFs Saw Inflows Of $870M
XRP Lawsuit New Dates
After Judge Torres’ order granting an extra week for the SEC to prepare for remedies-related opening brief, the new deadline for SEC and Ripple are as follows:
- March 22: the SEC opening brief on remedies-related discovery documents
- April 22: the deadline for Ripple to file its opposition to the brief
- May 6: the deadline for the SEC to file its reply to Ripple
The SEC’s interpretation of investment contracts as applied to crypto assets is weak, said lawyer Bill Morgan. Moreover, John Deaton, attorney for over 75K XRP holders, also said the SEC can’t appeal XRP status as non-security as ruled by Judge Torres.
After the filings, Judge Torres could deliberate and rule on the SEC’s arguments on penalty for post-complaint XRP sales to institutional investors under Section 5 of the US Securities Act.
Also Read: Elon Musk Eyes To Open Dogecoin (DOGE) Payments For Tesla Cars
XRP Price to $0.9
XRP price fell over 2% in the past 24 hours, with the price currently trading at $0.68. The 24-hour low and high are $0.672 and $0.698, respectively. Furthermore, the trading volume has decreased by 40% in the last 24 hours, indicating a decline in interest among traders.
Meanwhile, market participants believe XRP price can hit $2 this year. The final judgment could spark a massive rally as XRP price hasn’t seen much upside due to the SEC lawsuit.
Deribit options data indicate traders are opening calls for $0.9 as XRP price rallied over $0.74 this week. XRP options trading was recently launched on the crypto derivatives exchange.
Also Read: ETH Price Set for $5000 Weeks After Ethereum Dencun Upgrade: Derivatives Data
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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