Ongoing SEC vs. Ripple legal battle awaits crucial developments

The tussle between the Securities and Exchange Commission and Ripple has yet to see any forthcoming closure, with charges and countercharges being leveled, as per James K. Filan, a seasoned lawyer. 

A recent statement from Filan divulged that the SEC, via a closed document, had handed over its remedial response and associated exhibits to the concerned court. Presently, the document is not for the consumption of the general public. There is a possibility that the censored version of the classified document will be made accessible by 8th May 2024. There is an expectation that further classified documents will be forwarded.  

This piece of information follows his comments on Ripple and its document duly handed over, backing its 22nd April 2024 motion for submitting fresh items. The document is in response to the SEC’s going against the motion. For legal experts, this will cause an added delay in the court’s ability to come to any decisive conclusion about the case. 

The continuing case started with theSEC’sg accusations on Ripple that the company had supposedly obtained funds via uncertified securities offerings. As per the opinion of the SEC, the penalty amount for this is between $10 million and $2 billion.  

The ball is now resting in the court’s court; everyone connected with cryptocurrencies is seemingly on edge as to the ultimate verdict that the court will pass. XRP players are contemplating the impact it will have on the future price of the XRP cryptocurrency. A verdict in favor of Ripple will see the price climbing the ladder, whereas if it is the other way around, they expect the worst.

The XRP community is eagerly monitoring every step of the case, as they strongly feel that it will not be just them but the entire crypto space that will be strongly impacted either way.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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