- Ripple and SEC have until the 8th of July to update their motions to the court on the contested seal of certain portions of their briefs filed in the XRP litigation.
- Legal experts believe that SEC wants to quickly conclude the case because it has been increasingly damaging to them. Ripple’s victory would propel XRP into new heights.
After nearly three years with little progress, the Ripple SEC litigation has heat up in the last year. After nearly three years of little movement, the Ripple vs. SEC lawsuit has heated up in recent months. next The new deadline to file motions by both parties is the 8th of July.
Ripple has filed a motion with the securities regulator to seal information about the suit in order to protect their business. Crypto News Flash reported Ripple had argued previously that the leakage of some secrets contained in court documents would affect Ripple’s ability to maintain partnerships with other companies and compete.
The SEC, as expected, fought the decision. Both parties must now revise and resubmit their sealing motions within 14 days.
⚖️ The countdown begins! ⏱️
There are only 14 days left before a crucial moment in history. #Ripple (#XRPSEC Saga. The SEC has instructed both sides to revise and revisit their motions for sealing portions of their briefs. They have until July 8, 2024, to submit their updated… pic.twitter.com/u6thhp8eUW
— Collin Brown (@CollinBrownXRP) June 24, 2024
This would not be the first time that SEC has lost a battle. SEC Ripple has suffered losses in court. The agency was expected to settle its case with Ripple quickly, and get millions as they had in the past.
Ripple, however, proved that it was not just another SEC victim waiting to be kicked around. Ripple is more likely to win than it was nearly four years ago. Crypto News Flash has reported that the SEC is resigned to obtaining only one certificate. financial Ripple has a $2 billion penalty, but its request for millions of dollars is still lower. just over a hundred millionEven this could be cut to $10 million.
What Next for the XRP Cryptocurrency?
Ripple’s lawsuit has loomed over XRP since years. Sean McBride (former Ripple Executive) noted in an article earlier this month that Ripple is striking more partnerships than ever and XRP usage has increased, yet prices are still low. The lawsuit could be the only reason for this.
The lawsuit’s end is near, and XRP holders are getting excited. From key industry players, the token has also been backed by them. Bittrue exchange Emerge VC is a cryptocurrency investor whose portfolio contains 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,” Recently, there have been a number of new developments. stated, adding:
Joining forces with financial Ripple has enabled seamless currency exchanges in over a hundred countries, enabling international payments to be made more efficiently. It also enhances transparency. Ripple has a vision of creating an Internet of Value where money can move as freely as it does information today.
After trading in a sideways fashion for the last day, XRP is now at $0.4799. The 3% drop in the price of a litre Market capitalization reached $26.5 Billion in the previous week.
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Source: www.crypto-news-flash.com