SEC and Ripple Agree to Extend Legal Battle to 2023; XRP bears the brunt of the case. – Mag Mirror

Leaders of Ripple Labs and the US Securities and Exchange Commission have agreed to extend their trial schedule and postpone legal proceedings to the end of 2022, implying that their legal stalemate will likely extend well into the future. beyond next year.

The two parties jointly requested this extension in a letter to Judge Sarah Netburn, who is presiding over the case. Judge Netburn approved the revised schedule.

How the Vs. Ripple Deal Began

Between 2013 and 2020, Ripple Labs raised $1.3 billion in capital through the sale of XRP tokens.

When the SEC filed a lawsuit against Ripple in late 2020, there was no indication that Ripple was under scrutiny.

And Ripple was already traded on over 200 exchanges at the time.

The SEC, meanwhile, concluded that Christian Larsen, the co-founder of Ripple, and Bradley Garlinghouse, the current CEO of Ripple, illegally raised funds because XRP was not a registered security but was offered to investors around the world. entire.

The legal showdown until before Christmas

The new provisions of the joint letter require the defense to file statements and any motions against expert witnesses by August 2, while objections must be filed by November 2. In addition, any resistance must be answered by December 20.

The revised timeline follows the SEC’s request for an extension to file an objection to Justice Netburn’s decision on the motion to reconsider the DPP’s decision. This is the regulator’s second request for an extension in this case.


XRP | Source: TradingView. A voir aussi : Polygon (MATIC) : vers un prix à 1,95 $ prochainement ? Avis, analyse et prévision du

Defense attorney James Filan shared a tweet from Ripple defense attorney Stuart Alderoty, who said:

“To everyone who has followed the case so far – thank you. Know that Ripple is working hard (and the Court is insisting) to resolve the case as soon as possible, despite the fact that the SEC is doing everything it can to delay it. »

#XRPCommunity #SECGov v. #Ripple #XRP Parties file joint scheduling letter proposing opening briefs for summary judgment and expert challenges in August and closing briefs a few days before Christmas.

XRP Price Analysis

Meanwhile, XRP was up 0.26 percent at $0.7073 at the time of writing. The crypto was down 1.70 percent on Saturday and ended the day at $0.7055, down 2.06 percent from Friday’s close.

On April 24, Ripple’s XRP fell for the fourth day in a row, and the latest update had no discernible effect on the price.

XRP needs to clear the $0.7117 pivot point in order to reach the first major resistance level at $0.7204. To break out of the $0.7150 range, XRP would need broad support from the crypto market.

The cryptocurrency is currently trading 82% off its all-time high of $3.84194.

Throughout the week, XRP tracked the broader crypto market, which was weighed down by market risk aversion.

XRP was also pushed lower by news updates on the Ripple vs. SEC case, which challenged support at $0.70.

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SEC and Ripple Agree to Extend Legal Battle to 2023; XRP bears the brunt of the case. – Mag Mirror

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