Regulation News
- There has been a new development in the legal battle between SEC and Ripple.
- Momentum shifted in favor of Ripple Labs Inc. as the United States District Judge denies the SEC’s Sur Sur-Reply.
- XRP price is still down despite the victory for the Ripple community due to Russia’s attack on Ukraine
District Judge Torres has denied the US SEC’s motion to file a Sur Sur-Reply in support of its motion to strike against Ripple.
To bring the uninitiated up to speed, the SEC filed a lawsuit back in December 2020 against Ripple Labs Inc. and two of its executives, co-founder Christian Larsen and CEO Bradley Garlinghouse, stating that they have sold over $1.3 billion via XRP that is alleged to be an unregistered security.
During the proceedings, Ripple lawyers filed a Sur-Reply, which mentioned that this is the agency’s first case in which they have enforced actions against a company or its individual executives for overselling an established digital asset.
In an ongoing legal battle that has seen the SEC deploying several tactics to delay the proceedings, Ripple’s community has eagerly been awaiting the final judgment for the lawsuit.
Momentum has moved in favor of Ripple in the proceedings as District Judge Analisa Torres denied the SEC’s motion to file the Sur Sur-Reply in New York on Feb 23, allowing the Ripple community to breathe a sigh of relief. However, the legal battle has not reached its end yet.
Despite this news, XRP’s price continues to fall following the decision by Russian President Vladimir Putin to strike on Ukraine.
As can be seen by the chart above, XRP’s price continues to fall – simulating the current trend of the rest of the cryptocurrency market. According to CoinMarketCap, XRP is down 13.13%.
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