The ongoing lawsuit between the United States Securities and Exchange Commission and Ripple Labs is one of the most closely followed legal battles in the cryptocurrency industry.
Recall that the SEC alleges that XRP is essentially a security and that Ripple has conducted a massive security offering without registering it as such.
The case has gone through multiple ups and downs, and it appears that, so far, Ripple is getting the best of it. After all, it scored multiple wins in 2023, especially when the presiding judge – Analisa Torres – ruled that XRP sold on secondary exchanges does not constitute investment contracts.
Now, however, there’s a new development likely on the horizon, and according to one lawyer, Judge Torres has to make a decision on a certain motion relatively soon.
Back in January, the Commission filed a motion against Ripple, demanding the company provide certain documents that are related to the lawsuit. In essence, they asked the court to “compel” Ripple to abide.
Shortly after that, the company responded, asking for an extension of the deadline. Following the back-and-forth, Judge Torres will have to decide on the order to compel by February 12th. That’s at least according to Bill Morgan – a lawyer.
The legal expert took it to X to comment, saying:
It seems Judge Torres needs to rule on the SEC’s motion to compel quickly as the current remedies phase timetable requires remedies related to discovery to be completed by February 12th.
In any case, the trial between both parties is scheduled to start later in 2024 – on April 23rd- and it’s incredibly interesting to see how the matter will be resolved.
Meanwhile, if you’re interested in finding out more about some exciting 2024 XRP price predictions, take a look at our recent video on the matter: