Lawsuit Heats Up as Ripple Defies SEC Data Demands; What Next?

In the ongoing clash between Ripple Labs and the United States Securities and Exchange Commission (SEC), things are heating up. The SEC wants Ripple to spill the beans on its financial moves from late 2020 to June 2023. Ripple’s response, led by Andrew J Ceresney, has been fired back in a sur-reply to Hon. Sarah Netburn, a United States Magistrate Judge from the Southern District of New York.

Read more about this latest development.

Ripple Isn’t Backing Down!

Ripple Labs is saying no to the SEC’s recent push to get details on XRP financial statements. They argue the SEC’s demands are “overly burdensome”, especially when the exact financial details weren’t disclosed in the ongoing Zakinov lawsuit, as the SEC claims. The legal team wants the court to disregard these misstatements.

“The Court should disregard these misstatements of fact raised for the first time in the SEC’s reply,” the letter noted. 

Eyes on the Prize!

While the legal drama unfolds, Ripple wants everyone to know it’s financially fit to handle regulatory challenges. Ripple’s CEO, Brad Garlinghouse, is clear that the upcoming Initial Public Offering (IPO) isn’t just about raising funds but is a strategic step toward the next phase of growth.

Getting political?

In a surprising move, Ripple joins Fairshake, a political action committee registered with the Federal Election Commission (FEC). This PAC has raised a whopping $78 million, aiming to support leaders favoring crypto and blockchain technology. Ripple’s political play adds an interesting layer to its overall strategy.

Also Read: Ripple Lawsuit with GCC Exchange Reaches Confidential Settlement; What Next?

XRP Price Analysis

Moving beyond legal and financial jargon, let’s talk about XRP. After five years of consolidation, it’s showing signs of a potential breakthrough with a triangular pattern hinting at a bullish surge. But, caution for XRP enthusiasts: defending the upward trend started last year is crucial to avoid a drop below 40 cents.

Ripple vs. the SEC: Whose side are you on? Join the conversation!