XRP fell 1.99% to $0.5762 on Friday after gaining 0.88% the day before. While the SEC v lawsuit did not directly affect XRP’s demand, investor attention was drawn to the Coinbase case. In the Coinbase lawsuit, the SEC asked Judge Failla to examine the recent SEC v Terraform Labs verdict. The SEC claimed this verdict supports their opposition to Coinbase’s Motion for Judgment. However, legal experts like Mike Selig argued that the Terraform Labs verdict did not make cryptocurrency securities in secondary transactions.
The SEC’s case against coinbase 
Ripple braces for a pivotal hearing on January 11 in the Zakinov v Ripple Labs case, filed by XRP holders alleging misleading info and unregistered security sales. The virtual session before Judge Phyllis J. Hamilton seeks approval for class notice. This trial, initiated by plaintiff Vladi Zakinov, has been postponed, now scheduled for April 15, 2024, due to various delays.
Concurrently, Ripple continues to grapple with the SEC’s lawsuit. The ongoing remedies litigation focuses on potential penalties Ripple may face for its past XRP sales to institutional investors.
Also read: Bill Morgan Applauds Grayscale’s Strategic Move To Add XRP and AVAX to Digital Large Cap Fund
The final trial is scheduled for April 23, 2024, mandating both the SEC and Ripple to complete essential procedures before the court date. By March 13, 2024, the SEC is obliged to submit its brief on remedies, while Ripple must file its opposition by April 12, 2024.
A significant milestone in the legal war unfolded in July 2023, with a federal court ruling that Ripple breached securities laws through its institutional XRP sales. However, the court differentiated programmatic sales and other distributions, dismissing them from the SEC’s allegations of securities violations.
In the X post, Bill Morgan mentions joining a lawsuit against Ripple regarding XRP sales. He notes XRP investors were granted class status in the lawsuit alleging Ripple sold XRP as unregistered securities. Morgan highlights the minimal support for Zakinov compared to the large backing for Ripple against the SEC, emphasizing the XRP community’s perception of the SEC as their primary adversary and their reluctance for Ripple to be found guilty of selling unregistered securities.
The outcomes of these imminent legal battles hold substantial weight, potentially influencing the price trajectory of XRP, which currently stands around $0.56.
With April 2024 looming, stakeholders closely monitor these legal proceedings, recognizing their potential to significantly shape Ripple’s future course and the trajectory of XRP in the broader cryptocurrency landscape.
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