SEC, Ripple Agree To Extend Legal Battle Until 2023; XRP Bears The Brunt Of Case

Executives of Ripple Labs and the US Securities and Exchange Commission have agreed to prolong the timeline of their lawsuit and postpone court proceedings until the end of 2022, implying that their legal standoff would likely last well into next year. Both parties jointly requested the extension in a letter to Judge Sarah Netburn, who has been presiding over the case. Judge Netburn granted approval of the revised schedule. Suggested Reading | Ripple Welcomes More Than 4,000 Artists Into Its New NFT Platform How Case Vs. Ripple Began Between 2013 and 2020, Ripple Labs raised $1.3 billion in capital through the sale of XRP tokens. When the SEC filed a complaint against Ripple near the end of 2020, there were no indications from the SEC that Ripple was under scrutiny. And Ripple was already trading on over 200 exchanges at the time. The SEC, on the other hand, concluded that Christian Larsen, Ripple’s co-founder, and Bradley Garlinghouse, Ripple’s current CEO, illegally raised cash because XRP was not a registered securities but was offered to investors around the world. Legal Showdown Until Before Christmas The joint letter’s new provisions require the defense to file statements and any motions against expert witnesses by August 2, while objections must be filed by November 2. Additionally, any resistance must be responded to by December 20. The revised timeline follows the SEC’s request for an exte...