The Ripple-SEC legal battle is experiencing a double twist: an agreement to seal key details of the upcoming sessions, and a report from the ECGI affirming the status of XRP as a utility crypto. Enough to influence the outcome of the trial and the future of Ripple.
Ripple and SEC seal crucial deal
The legal saga that has pitted Ripple against the SEC since 2020 is entering a new phase. Both parties submitted a joint sealing request to Judge Analisa Torres regarding upcoming briefings on remedial measures.
If approved, this request would allow essential details of the briefs, such as Ripple’s financial statements and institutional sales of XRP after the filing of the complaint, to be hidden from the XRP community and the entire crypto world.
The consequences of this exclusion of this information from the public on market sentiment remain uncertain. Despite the case entering its appeals deliberations phase, the conclusion and timetable of this long trial remain unclear. Several key dates are looming, including March 22, when the SEC is expected to file under seal its opening brief relating to the appeals, as well as supporting statements and exhibits.
Other important deadlines will follow, including the filing by Ripple of its opposition brief on April 22, then the SEC’s response brief expected on May 6. The timetable runs until May 20, when parties and third parties must file letter motions and objections relating to the sealing of details in the documents filed.
At the current pace, the trial appears likely to last several more months, with a final ruling from Judge Torres likely not before the end of this year or the beginning of next year.
The crypto XRP is struggling despite recognition of its non-title status
Despite the news of the sealing deal, the price of XRP failed to see a significant recovery, remaining stuck below the $0.60 mark. The Ripple-promoted crypto has suffered a notable decline in recent times, losing crucial price thresholds previously considered strong supports. At the time of writing, XRP is trading at $0.59.
However, a recent development could positively influence the future of the token. A article research from the European Corporate Governance Institute (ECGI) affirmed XRP’s status as a utility token and not a security, in accordance with a July 2023 US federal court ruling.
This approval lends credence to claims that XRP is a global bridge currency within Ripple Payments, enabling fast and low-cost cross-border transactions. This could pave the way for mass adoption of XRP by banks and other financial institutions.
Despite this encouraging recognition, XRP is struggling to rebound, suffering a 5.6% decline over the past 24 hours, in the wake of a broader crypto market downturn.
With all attention now turning to the upcoming key trial dates, particularly March 22 when the SEC will give crucial opening briefings on the proposed remedies, uncertainty continues to weigh on XRP’s performance. Investors and the XRP community are eagerly waiting to see how these developments will influence the future of Ripple and its flagship crypto.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
