TL;DR
Ripple and the United States Securities and Exchange Commission (SEC) have been confronting since December 2020 when the regulator accused the firm of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP.
For its part, the company argues that its native token is a currency rather than a security and thus does not fall under the SEC’s jurisdiction.
The entities fired numerous shots at each other in the past few years, not pulling back from their stances. The lawsuit will be resolved at a grand trial scheduled for April 23, with Ripple currently having the upper hand after securing three partial court wins in 2023.
Prior to that, though, there are certain court rules that the parties should comply with. The American attorney James Filan posted on X the schedule for remedies briefing, according to which the SEC’s opening brief is due on March 22.
It is worth mentioning that the watchdog was recently granted an extension on the deadline as initially, it had to provide the essential documents by March 13.
Ripple’s opposition brief is due on April 22, while the SEC’s reply brief should be presented by May 6, Filan added.
The lawsuit’s outcome is touted as a major factor fueling a rally for XRP (in case of a decisive victory for Ripple, of course). However, the start of the trial does not necessarily mean that we will witness a resolution this year.
Not long ago, ChatGPT estimated that the final judgment might occur in the summer of 2024, but potential appeals from both sides could delay the outcome until 2026.
