The lawsuit between the United States Securities and Exchange Commission and Ripple Labs is approaching a decisive phase.
Scheduled for April 23rd, 2024, the trial will resolve one of the longest-standing legal conflicts in the industry and also one that will most likely have a considerable impact on the entire field.
As both parties get ready to enter the critical phase of the lawsuit, on February 6th, the Commission achieved a small victory.
In a court filing, Judge Sarah Netburn ruled in favor of the Agency and directed Ripple to disclose important financial records for 2022 and 2023.
Recall that Ripple previously contested the SEC’s request. The company argued that its financial status wasn’t pertinent to the case.
The latest ruling is the first positive outcome for the Agency in a while, following a series of considerable setbacks. Last summer, Judge Analisa Torres concluded that sales of XRP on secondary markets do not constitute an offer of investment contracts. The news immediately impacted the asset’s price, which almost doubled in a matter of hours.
Other developments have been happening around Ripple in the past few days. According to media reports, Metaco – a company that Ripple acquired – saw its Chief Executive Officer and CPO leave without making a lot of noise around it.
Some are now speculating that the deal between both companies has raised the necessity for a leadership transition.
On the positive side, however, the senior director and head of product marketing at Ripple, Oliver Segovia, recently teased that they are getting ready to roll out their payment solution in the United States.
Meanwhile, if you’re interested in finding out what the experts believe will happen to XRP’s price in the future, feel free to check out our recent video on the matter: