Ripple's Legal Battle with SEC over XRP Classification Set for Trial on April 23
According to CryptoPotato, Ripple's legal battle with the United States Securities and Exchange Commission (SEC) over XRP's classification is set for trial on April 23. The lawsuit's outcome could significantly affect XRP's value, but a final decision might be delayed until 2026 due to potential appeals. Ripple and the SEC have been confronting each other since December 2020 when the regulator accused the firm of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. Ripple argues that its native token is a currency rather than a security and thus does not fall under the SEC's jurisdiction. The lawsuit will be resolved at a grand trial scheduled for April 23, with Ripple currently having the upper hand after securing three partial court wins in 2023. Prior to that, there are certain court rules that the parties should comply with. American attorney James Filan posted the schedule for remedies briefing, according to which the SEC's opening brief is due on March 22. Ripple's opposition brief is due on April 22, while the SEC's reply brief should be presented by May 6, Filan added. The lawsuit's outcome is touted as a major factor fueling a rally for XRP in case of a decisive victory for Ripple. However, the start of the trial does not necessarily mean that a resolution will be witnessed this year. ChatGPT estimated that the final judgment might occur in the summer of 2024, but potential appeals from both sides could delay the outcome until 2026.