Ripple's Legal Battle With SEC Progresses To Trial Phase

According to CryptoPotato, the ongoing legal dispute between Ripple and the United States Securities and Exchange Commission (SEC) has advanced to the trial stage. The lawsuit began in December 2020 when the SEC accused Ripple of unlawfully raising over $1.3 billion through an unregistered securities offering. Ripple has refuted these allegations, asserting that its native token, XRP, should not be classified as an investment and therefore does not fall under the SEC's jurisdiction. The trial has seen several developments and obligations that both parties must fulfill. Recently, Magistrate Judge Sarah Netburn issued a new scheduling order requiring the SEC to file its response on the motion for remedies and entry of final judgment. Ripple was then given three business days to respond. Many industry participants view Judge Netburn's involvement as a positive indicator for Ripple, given her relatively favorable stance towards XRP. In the past, she has stated that XRP has a utility that sets it apart from Bitcoin and Ether. The price of XRP has responded positively to each of Ripple's three partial court victories in 2023, leading some analysts to predict a potential bull run if Ripple wins the trial. However, it should be noted that the commencement of the trial does not necessarily indicate that a final resolution is imminent. The legal battle has been ongoing for over three years, and a final decision may still be some years away.