says Ripple vs. SEC case will be decided early in 2023.
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Ripple’s battle to defeat the US Securities and Exchange Commission (SEC) in a case that has dragged since December 2020 is set to go into early 2023, according to an update shared by Stuart Alderoty, General Counsel at Ripple.
The case centers around XRP (a cryptocurrency created by Ripple Labs).
On December 22, the SEC announced it had charged Ripple Labs Inc. and two top executives over the sale of $1.3 billion worth of unregistered securities. The regulator said the securities offering was “ongoing,” allegedly referring to Ripple’s sales of XRP.
Essentially, the SEC said that XRP was a security. Ripple and its top executives maintain that the allegations made by the securities watchdog are completely false. There has been much more, including comments by former SEC officials.
It’s hurting XRP holders
The update from Alderoty and James K. Filan on Saturday means that it will take two years to resolve the case.
“It now looks like a resolution will come in 2023 – and each day that passes is hurting US citizens who were essentially the victims of a rug pull by the SEC,” Alderoty said in a Twitter thread.
Filan pointed to this same likelihood, stating in a tweet that both the SEC and Ripple had filed a joint scheduling letter seeking a resolution to the case. He stated that the parties had proposed that summary judgment opening briefs begin in August.
The timeline also caters to any expert challenges, with closing briefs then expected “a few days before Christmas.”
SEC’s delay tactics
SEC’s apparent delays throughout the case played a part in Ripple’s decision not to file a joint application. It is the reason why XRP holders must endure the long wait for a possible resolution.
Alderoty said:
“ To those who are asking if this is joint filing, the answer is yes. But, based on the SEC’s track record, if we didn’t agree to this, the next iteration would have very likely been even longer.”
To all who have followed the case so far, thank you. Keep in mind that Ripple and the Court are working hard to resolve this case as quickly as possible, despite the SEC being on the heels of them again trying to delay. https://t.co/bP0shaNBOa
— Stuart Alderoty (@s_alderoty) April 22, 2022
The XRP community continues to wait. It’s the investors, as we’ve already said, who are ‘hurting .’
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XRP today
XRP traded at $0. 71, nearly 2% down in the past 24 hours and close to 40% off the highs reached in April 2021. This run reached highs of $2. 00 on 14 April was the altcoin’s best since the surge to the all-time high of $3. 40 in January 2018.
The cryptocurrencies market cap has also shrunk, pushing XRP from third behind Bitcoin and Ethereum down to sixth at the time of writing with $34.3 billion.