The new trial date for Ripple (XRP), which is thought to change the course of the crypto money market, has been set. When will the Ripple (XRP) case be concluded? What is the latest in the Ripple (XRP) case? and what will happen as a result of the Ripple (XRP) lawsuit? You will find answers to such questions in this article.
When is the Ripple (XRP) case?
The SEC (Securities and Exchange Commission) has filed a criminal complaint, alleging that Ripple and its corporate executives made $ 1.3 billion in unregistered sales. The lawsuit involving Ripple Labs CEO Brad Garlinghouse and co-founder Chris Larsen as defendants will change the course of the cryptocurrency market.
The new hearing date of the SEC case, which is thought to change the course of the crypto money market and Ripple, has been announced. The defendants will give their defense on April 12th. Later, on May 14, a report on the issue will be published by the SEC. The reply to the report to be published by the SEC can be given by June 4.
The discovery period for the case will end on August 16. Although no official statement has been made yet, it is expected that the discovery process will be extended. For this reason, analysts state that the case will not be concluded in 2021.
— James K. Filan (@FilanLaw) March 13, 2021
When will the Ripple (XRP) case be concluded?
Although there is no official statement, some analysts think that the trial process could be concluded in the first months of 2022. In addition, it is estimated that Ripple will face high damages after the litigation process.
If the lawsuit ends in favor of Ripple, other cryptocurrencies will be able to precede the XRP case.
What’s the latest in the Ripple (XRP) case?
Ripple is not a decentralized cryptocurrency like other Bitcoin. Developed by Ripple Labs and the founders of the high amount of Ripple are considered by the SEC as a stake. Ripple Labs, on the other hand, states that XRP is not a security and therefore they do not need any disclosure when the sale is made.
The SEC won the Kik messaging app cryptocurrency lawsuit. Kik, who sold tokens to 2017 investors by ignoring the warnings made by the SEC, was found unfair by the court.
While both cases are on different issues, the Ripple case is thought to end up similarly to Kik. It is not yet clear what kind of penalty Ripple will face if it loses the case.
Some economic commentators highlighted that if Ripple wins the case, the US economy will weaken against cryptocurrency.