The lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple has captivated the cryptocurrency world for years. Although Ripple has been largely successful, the case has affected XRP negatively, hurting its adoption by large U.S. companies and stifling its performance in the 2021 bull run.
With the crypto community eagerly waiting for the end of the lawsuit, an analyst at the Motley Fool has shared his opinion on when the lawsuit will end.
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The XRP Lawsuit
The lawsuit began in 2020 when the SEC alleged that Ripple’s sale of XRP amounted to an unregistered securities offering. This sent shockwaves through the crypto community, raising concerns about regulatory uncertainty and the future of digital assets.
Fast forward to 2023, and the SEC is down 0-3 against Ripple. Judge Analisa Torres has dismissed most of the SEC’s complaints, leaving only the charge that Ripple’s initial sale of XRP to institutional investors might have required registration.
The rest, concerning sales to ordinary investors, has been cleared. Her ruling in July was a turning point for XRP and sent its price to $0.93, which the digital asset has not reached since then.
Judge Analisa Torres also denied the SEC’s request to file an interlocutory appeal challenging the ruling, and shortly after, the SEC dropped its aiding and abetting charges against Ripple executives Brad Garlinghouse and Chris Larsen.
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Discovery and Delays
The pretrial discovery process, as reported by The Motley Fool, is set to wrap up by April 29, 2024, overlapping the originally scheduled trial date. However, the analyst reports that the jury trial has been adjourned “sine die,” meaning without a set date.
Interestingly, the Latin term has a dual meaning in the New York court system. It can signify an indefinite adjournment, but also a legal order requiring a witness to appear and testify.
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While the final scheduling order is still awaited, the current situation suggests a possible trial sometime in the second half of 2024, as reported by The Motley Fool. However, legal machinations can be unpredictable, and delays are always a possibility.
The crypto market desperately needs clear regulation, as the lack of guidance has created uncertainty and hampered growth. According to the analyst, Judge Torres’ July order, suggesting that tokens like XRP may be closer to currencies than securities, offers a glimmer of hope.
However, appeals, Supreme Court interpretations, and other precedents are likely to refine this definition before a definitive answer emerges. Ripple CEO Brad Garlinghouse has expressed his desire to take the case to the Supreme Court if necessary, and we could see definitive crypto regulation in the U.S. soon.
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