- Ripple and SEC have the next 21 days to file public and redacted versions of the summary judgment.
- At the time of writing, XRP was trading hands 5% higher than the past 24 hours.
What once seemed like a never-ending battle between Ripple and the Securities and Exchange Commission (SEC) now appears to be coming to an end. James K. Filan stated that under the September 12 court order, both parties would have 21 days to file public and redacted versions of the summary judgment.
#XRPCommunity #SECGov v. #Ripple #XRP Update on timing as to when we should see the ordered documents unsealed. According to the court’s order of 9/12/2022, the parties have 21 days to submit public, redacted versions of the summary proceedings documents that comply with the seal… pic.twitter.com/doV5fUxDG5
— James K. Filan
(@FilanLaw) May 17, 2023
On May 16, Judge Torres denied the SEC’s request to seal the Hinman documents. According to Filan, June 6 is the date given the 21-day time frame given by the court.
#XRPCommunity #XRP #SECGov v. #Ripple BREAKING: Judge Torres denies SEC request to seal Hinman documents.https://t.co/wiatz4vCHL
— James K. Filan
The final ruling denying the SEC’s motion was also considered a minor victory Ripple CEO Brad Garlinghouse. He also called the latest ruling a victory for transparency.
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In 2020, the US regulatory watchdog stated that Ripple raised more than $1 billion in 2013 through the sale of XRP as an unregistered security. Since then, the battle between the regulatory body and the global payment provider has kept the cryptocurrency market on its toes.
In addition to its lawsuit with Ripple, the SEC also managed to stay in the news thanks to its lawsuits with various exchanges. Coinbase and Bittrex are the latest to face the wrath of the SEC and the country’s unregulated landscape.
Furthermore, SEC Chairman Gary Gensler’s opinion on Bitcoin [BTC] as a commodity, its unclear stance on the nature of Ethereum [ETH]and his frequent comments about XRP’s status as a security added to the chaos.
The state of XRP
At the time of writing, XRP reached CoinMarketCap’s list of trending cryptocurrencies at number 11. Additionally, the token switched hands at $0.4438 and was trading 4.98% higher in the past hour. XRP also traded about 5% higher in the last 24 hours.
In addition, according to data from LunarCrush, XRP reached fourth place in terms of social activity and trading activity.
Top 10 Coins by LunarCrush AltRank™
Social activity.
$axes
$gala
$mana
$xrp
$rndr
$ltc
$sand
$doge
$op
$tsukahttps://t.co/yOJ8UGK95Y pic.twitter.com/rtd3eTJpTH
— LunarCrush (@LunarCrush) May 17, 2023
Will XRP finally emerge victorious in what seemed like an upside-down court battle with roadblocks every step of the way? Nothing can be with absolute certainty. However, the highly publicized lawsuit is of great importance for the future of the cryptocurrency world. The long-awaited decision would finally clear the air on the controversial term ‘security’.