According to CryptoPotato, the legal battle between Ripple and the United States Securities and Exchange Commission (SEC) is nearing its trial on April 23. The lawsuit, launched in December 2020, accuses Ripple of illegally raising over $1.3 billion in an unregistered securities offering by selling XRP. Ripple maintains that its native token is a currency, not a security, and therefore does not fall under the SEC's jurisdiction.
Before the trial, both parties must comply with certain court rules. The SEC was recently granted an extension on the deadline to provide essential data related to the schedule for remedies briefing. Its opening brief is due on March 22, while Ripple's opposition should come no later than April 22. American attorney James Filan revealed that the parties have filed a joint letter seeking the magistrates' approval "to govern sealing issues relating to the upcoming remedies-related briefing." The outcome of the lawsuit is eagerly anticipated by industry participants, as it could trigger significant volatility for XRP and the entire cryptocurrency market. XRP's price spiked by over 70% when Ripple secured its first partial court win last year and saw further increases following two additional victories in subsequent months.
