The SEC-Ripple (XRP) lawsuit has been ongoing for over a year and a half now. The case was first filed against the crypto project in December of 2020 when the SEC accused Ripple of raising over $1.3 billion through illegitimate means. Many have pointed fingers at the SEC for delaying the lawsuit time and time again.
Via a recent Tweet, James K. Final said that the SEC’s responses to the defendants’ (XRP) fourth set of requests for admission are causing a spat between the parties. The defendants will file a Motion to Compel and have recommended to the Court a briefing timetable. There is no mention of the specific issue.
Previously, the court had also approved both parties’ (SEC and XRP) application for an extension of time regarding the attorney’s fee linked to Dr. Albert Metz’s Supplemental Report in a Text Only Order, according to Filan, and it is now due by May 27, 2022.
XRP was also one of the projects that were hurt in the recent crypto market crash. The project at press time was trading for $0.430279, down by -0.6% in the last 24 hours. The token is also down by 16.5% in the 7-day charts, and down by 42.9% in the monthly charts.
The open interest for XRP, or the total value of all existing contracts, was $742 million on May 6. As of today, the figure has dropped to $392 million, indicating that not much fresh money had entered the futures market.
If the SEC prevails in the ongoing lawsuit, XRP will be classified as a security rather than a currency in the United States. This might create a legal precedent that leads to the classification of other cryptos as securities. As a result, the lawsuit against Ripple is critical for all crypto stakeholders, including investors, blockchain developers, and policymakers throughout the world.