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XRP Crypto Could See End of SEC Fight Around This Time Next Year

XRP (XRP-USD) crypto gained traction after the recent Ripple Labs win on March 11 in his legal fight with the Securities and Exchange Commission (SEC). Recently, however, the SEC and Ripple agreed to provide closing arguments on the case by the end of 2022. They jointly offered a summary judgment disclosure schedule to the judge.

They both offered opening briefs for summary judgment and expert recusals in August 2022. Closing briefs would take place by the end of the year. As a result, a final decision could be made by March 2023. This kind of finality is what XRP crypto needs to be able to move significantly higher.

The SEC lawsuit has been a drag on XRP. The SEC sued Ripple Labs and its two top executives, Chris Larsen and Brad Garlinghouse in 2020. Last month’s decision gave Ripple Labs another line of defense. This could require the SEC to provide its documents explaining why it deals Bitcoin (BTC-USD) and Ethereum (ETH-USD) as cryptocurrencies, but not XRP.

The SEC says XRP is a security and wants Ripple to register the securities and pay the fines. The net effect has been to shut down all new crypto launches in the US, as developers don’t want to deal with the SEC. Industry watchers say a victory for Ripple could end the SEC’s “regulation by enforcement” approach to the crypto industry.

Reuters published an analysis by Kara Kapp, a partner at Cozen O’Connor White Collar Defense & Investigations, of the court’s decision on April 21. This allowed Ripple’s “fair notice” defense to proceed and Ms. Kapp said it could have a “ripple effect” on other securities law defenses by crypto companies when ‘they face the SEC.

It helps XRP Crypto

XRP, the 7th largest cryptocurrency with a market capitalization of $32 billion, peaked at over 90 cents per XRP crypto token in late January. But now, as of April 25, it is trading at 66.65 cents, down more than 20.8% from the peak. This is down from a recent low of just over 71.25 cents on April 23.

Analysts hope to see the legislation come to a conclusion sooner rather than later. Now that there is a timeline for the end of the trial, crypto XRP investors may see a light at the end of the tunnel. At least they will know by this time next year that a decision on how to deal with XRP will likely have come to light. This could allow institutions to start using XRP in large-scale transactions and payments.

As of the date of publication, Mark Hake did not hold (either directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to publishing guidelines.


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