Awaiting the Verdict: Ripple vs SEC Drama Continues
Ripple's Legal Battle with SEC: Significance of June 16th as a Crucial Mark on the Court Calendar
Here's the scoop on the Ripple and SEC fight, a legal tussle that's been going strong without a clear winner in sight.
It's been almost three months since Ripple's CEO, Brad Garlinghouse, announced that the US Securities and Exchange Commission (SEC) would drop its case against the company. But, we're still waiting for a conclusion as the lawsuit remains unresolved.
Recently, American attorney Fred Rispoli stated that a significant update in the Second Circuit is looming large. It seems Ripple and the SEC haven't taken the necessary steps for a refiling as previously agreed upon. Back in February, the two sides agreed that the company would pay a $50 million penalty, marking the end of the legal battle. However, Judge Analisa Torres denied the motion, claiming the paperwork was improperly filed.
Rispoli believes the deadline for the rectification is June 16th. If Ripple and the SEC don't comply, the lawyers might restart the briefing process, potentially pushing it back by another 60 days. Rispoli described Torres' ruling as "clear" and believes Ripple will have to "beg for forgiveness."
Industry insiders like Bill Morgan and X user Levi believe the next few days could be crucial for the case's outcome. Morgan claims that something significant must happen by June 16th, or the appeal and cross-appeal will continue. Meanwhile, Levi predicts that the date will mark the lawsuit's official end.
What's In Store for XRP?
The legal developments involving the case have been major factors driving XRP's volatility over the years. Since Garlinghouse's announcement in March, however, the lawsuit has generally been integrated into XRP's value.
Looking ahead, the price of XRP may depend on factors such as the approval of XRP ETFs or Ripple's future advancements and collaborations. A dozen well-known companies are planning to introduce the first spot XRP ETF in the USA, with Grayscale, 21Shares, WisdomTree, and Franklin Templeton among them. Analysts view the potential launch as a catalyst for a price rally.
On the collaboration front, Ripple acquired the prime broker Hidden Road for $1.25 billion in April. Their supposed intention to purchase stablecoin issuer Circle for over $10 billion was recently denied by Ripple's CEO. As of now, XRP trades at around $2.15, down 12% from the past two weeks.
Ripple and SEC Legal Deadlines
Key Dates:
- June 13th - Potential Settlement Announcement Date (speculation)
- June 15th - June 16th - Court-imposed deadline for SEC's status update on settlement finalization
- June 16th - Deadline for possible settlement or restart of briefing process
An optimistic outlook prevails in the market, with many believing a settlement by June 16th could remove legal uncertainty and ignite a new rally for XRP, potentially surpassing its all-time high of $3.84. The anticipation of a favorable resolution, coupled with the potential launch of an XRP spot ETF, is further boosting investor sentiment.
Crypto investors are closely monitoring the Ripple vs SEC case, as the uncertainty surrounding the legal proceedings has often influenced the price of XRP. With the court-imposed deadline for the SEC's status update on settlement finalization approaching on June 15th, the likelihood of a settlement by June 16th could potentially remove legal uncertainty and initiate a new rally for XRP, even surpassing its all-time high of $3.84. In the meantime, advancements in technology, such as the potential launch of XRP ETFs, continue to be factors that could impact the crypto investment market.
