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- The SEC and Ripple have been given until July 8 to submit to the court their updated motions on the contested sealing of portions of their briefs in the XRP lawsuit.
- Legal experts say that the SEC is now just as interested in a quick conclusion to the case, which has increasingly turned against the agency; a win for Ripple would push XRP to new heights.
The Ripple vs. SEC lawsuit has heated up over the past year after nearly three years of little movement. The next big date is July 8, the new deadline for both parties to submit their motions.
The latest battlefront for Ripple and the securities watchdog has been a motion to seal some of the information from the lawsuit to protect its business interests. As Crypto News Flash reported previously, Ripple argues that if some of the trade secrets on the court documents leaked to the public, they could affect its partnerships and hurt its ability to compete with its rivals.
Expectedly, the SEC fought against the move. Now, the two will have to revise their motions on sealing portions of their briefs and submit them to the court in 14 days.
⚖️ RIPPLE VS. SEC: THE COUNTDOWN BEGINS! ⏱️
Just 14 days remain until a pivotal moment in the #Ripple (#XRP) vs. SEC saga. Both sides have been instructed to revisit and revise their motions to seal portions of their briefs. They have until July 8, 2024, to submit their updated… pic.twitter.com/u6thhp8eUW
— Collin Brown (@CollinBrownXRP) June 24, 2024
The SEC could lose this battle, which would be just the latest in a growing list of SEC losses at the hands of Ripple in court. When it first filed the lawsuit against the California company, many expected the agency to quickly wrap the case up and obtain millions in settlement, as it had done with dozens of crypto firms.
However, Ripple proved it wasn’t just another victim ready to be kicked about by the SEC. Nearly four years later, Ripple looks more likely to emerge victorious. As Crypto News Flash reported, the SEC has resigned to only obtaining a financial penalty from Ripple; even with such an outcome, its demand for billions has dropped from $2 billion to just over a hundred million, and even this might be slashed to around $10 million.
What’s Next for XRP?
The Ripple lawsuit has hung over XRP for years. As former Ripple executive Sean McBride noted earlier this month, Ripple has been striking new partnerships in numbers over the past year, and XRP adoption has been increasing, yet the price is still suppressed. This could only be due to the lawsuit.
The end of the lawsuit is almost here, and XRP investors are getting excited. Key players in the industry are also backing the token, from Bittrue exchange to Emerge VC, a crypto investor whose portfolio includes Solana, Binance, Crypto.com, and Uniswap.
“We’re backing Ripple for its transformative potential in cross-border payments, making global transactions faster, more efficient, and cost-effective,” Emerge recently stated, adding:
By partnering with financial institutions worldwide, Ripple is streamlining the international payment process, enabling seamless currency exchanges and enhancing transparency. We believe in Ripple’s vision to create an Internet of Value, where money moves as easily as information does today.
XRP trades at $0.4799 after trading sideways over the past day; it’s down 3% in the past week to hit $26.5 billion in market cap.
