The SEC and Ripple have been given until July 8 to submit updated motions on the contested sealing of portions of their briefs in the XRP lawsuit, according to legal experts. The SEC is eager to conclude the case quickly, as a win for Ripple could push XRP to new heights. After nearly three years of little movement, the lawsuit has heated up, with the next big date being July 8, the new deadline for both parties to submit their motions.
The latest battlefront for Ripple and the securities watchdog has been a motion to seal some of the information from the lawsuit to protect its business interests. Ripple argues that leaked trade secrets could affect its partnerships and hurt its ability to compete with its rivals. The SEC has fought against this move, and now the two will have to revise their motions on sealing portions of their briefs and submit them to the court in 14 days.
⚖️ RIPPLE VS. SEC: THE COUNTDOWN BEGINS! ⏱️
Just 14 days remain until a pivotal moment in the #Ripple (#XRP) vs. SEC saga. Both sides have been instructed to revisit and revise their motions to seal portions of their briefs. They have until July 8, 2024, to submit their updated… pic.twitter.com/u6thhp8eUW
— Collin Brown (@CollinBrownXRP) June 24, 2024
The SEC could lose this battle, adding to a growing list of losses at the hands of Ripple in court. When the lawsuit was first filed, many expected the agency to quickly wrap the case up and obtain millions in settlement, but Ripple has proven to be a formidable opponent. Nearly four years later, Ripple looks more likely to emerge victorious. The SEC has resigned to only obtaining a financial penalty from Ripple, and even this might be slashed to around $10 million.
The Ripple lawsuit has hung over XRP for years, impacting its price despite increased adoption and new partnerships. The end of the lawsuit is near, and XRP investors are getting excited. Key players in the industry are also backing the token, from Bittrue exchange to Emerge VC, a crypto investor whose portfolio includes Solana, Binance, Crypto.com, and Uniswap.
XRP trades at $0.4799 after trading sideways over the past day, down 3% in the past week to hit $26.5 billion in market cap.