As the cryptocurrency community awaits the final decision in the courtroom standoff between blockchain company Ripple and the United States Securities and Exchange Commission (SEC), the agency has submitted its opening brief regarding institutional XRP sales.
Indeed, in line with the previously published schedule, the SEC submitted, “under seal, its opening remedies-related brief and supporting documents” on March 22, according to an X post shared by legal expert and popular commentator on the case, James K. Filan, on March 23.
According to the defense attorney and former federal prosecutor, these documents “are not public yet” and the regulator will file the “public, redacted versions” by March 26, 2024, after which Ripple has to submit its opposition brief by April 22, 2024, and the SEC’s reply is due May 6, 2024.
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SEC Ripple lawsuit progress
As a reminder, Judge Analisa Torres ruled in July 2023 that Ripple’s sales of XRP to retail buyers did not constitute securities sales but that the institutional XRP sales were, in fact, securities. Therefore, the sides in the SEC Ripple lawsuit are now trying to agree on the damages that the blockchain firm has to pay.
In the more recent developments related to the Ripple SEC case, the regulator had requested the above remedies briefing deadlines, which suggested their extension from the previous dates, also giving Ripple nine additional days to file its own opening brief – which the Judge had subsequently approved.
Meanwhile, members of the crypto community are at the edge of their seats, watching any Ripple news or XRP lawsuit news with care, looking for clues on when the SEC vs. Ripple will finally end, as well as betting on the XRP price prediction targets depending on the outcome.
For now, the XRP price stands at $0.632, suggesting a very minor decline of 0.03% in the last 24 hours, an increase of 3.84% across the previous seven days, and an accumulated 16.08% gain in the last month, according to the most recent chart data obtained by Finbold on March 25.
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