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The lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) has been dragging on for three years. While there is no end in sight for the case, the current month could be a very important month for it. This is because April 23 is the start date for the final phase of the trial. What it means.
Ripple v. U.S. Securities and Exchange Commission
In 2020, Ripple and its founders were sued by the US Securities and Exchange Commission. According to the commission, they raised money by illegally selling securities in the form of XRP tokens.
Last year, Ripple scored some hard fought victories in the lawsuit. However, the blockchain company has yet to win that battle. The latest trial should finally clarify the situation and put an end to this issue.
The most important question is how long this final stage will last. It is safe to say that it will not be short. After all, we are talking about billions of dollars. At those stakes, litigation usually takes a very long time - usually years.
Even after last year's setbacks, the SEC is not giving up. A few weeks ago, it was announced that the regulator is demanding $2 billion from Ripple. However, the chances of the courts going along are slim. Stuart Alderoti, CLO of Ripple, commented on the case as follows:
"Instead of following the law, the SEC appears to be punishing and intimidating Ripple and the entire cryptocurrency industry. We trust that the court will take the right action in the next phase."
What does this mean for the XRP exchange rate?
XRP investors will be hoping for a quick and favorable conclusion to the court case. After all, Ripple's exchange rate hasn't fared well for several years now, in part due to endless litigation. Last July, we got a glimpse of what could happen in the event of a favorable ruling.
Back then, the price of XRP rose 100% in a matter of hours after Ripple's partial victory. Perhaps a final victory could finally unlock the full potential of XRP. However, as we said, the chances of a positive outcome at the end of this year are slim.
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