As an investor in Ripple (XRP), it is important to stay up-to-date on the ongoing lawsuit between Ripple and the Securities and Exchange Commission (SEC). The case has been ongoing since December 2020, and there have been many twists and turns along the way. To help investors understand the current state of the lawsuit, we spoke with a Pro-XRP lawyer who provided an insider-free update on the Ripple lawsuit timeline.
The lawsuit centers around whether or not XRP is a security, and if Ripple violated securities laws by selling XRP as an unregistered security. The SEC alleges that Ripple raised $1.3 billion through the sale of XRP, which they claim is an unregistered security. Ripple, on the other hand, argues that XRP is a currency and therefore not subject to securities laws.
The first major development in the case came in February 2021 when Judge Sarah Netburn granted Ripple’s request to access internal SEC documents related to Bitcoin and Ethereum. This was seen as a win for Ripple, as it could potentially help their case by showing that the SEC had previously determined that Bitcoin and Ethereum were not securities.
In March 2021, Ripple filed a motion to dismiss the case entirely, arguing that the SEC had waited too long to bring the lawsuit and that XRP was not a security. In May 2021, the SEC filed an opposition to Ripple’s motion to dismiss, arguing that XRP was indeed a security and that Ripple had violated securities laws.
The next major development in the case came in June 2021 when Judge Netburn granted Ripple’s request to depose former SEC Director William Hinman. Hinman had previously given a speech in which he stated that Bitcoin and Ethereum were not securities, which Ripple believes could help their case.
As of August 2021, the case is still ongoing, with no clear resolution in sight. However, there are a few key dates to keep in mind for investors. The first is September 1, 2021, which is the deadline for Ripple to file a response to the SEC’s opposition to their motion to dismiss. The second is October 15, 2021, which is the deadline for the SEC to file a response to Ripple’s request to depose Hinman.
Overall, the Ripple lawsuit timeline is complex and constantly evolving. However, by staying informed on the latest developments and key dates, investors can make informed decisions about their XRP holdings. As always, it is important to consult with a financial advisor before making any investment decisions.
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