The popular blockchain company, Ripple, has been in a legal battle with the US Securities and Exchange Commission (SEC) for some time. A new development took place in the litigation process, which lasted for a year and a half. The court affirmed the SEC’s request for additional time to reissue certain documents. This counts as another win for Ripple.
New development in the Ripple case
Attorney James K. Filan, who closely followed the SEC and the Ripple case, confirmed that the Blockchain company received the positive news through a text that was recently communicated to his lawyers. “By March 30, 2022, the SEC has been directed to produce documents issued for Defendants’ consideration,” Filan’s tweet read. Pursuant to the Directive, the SEC is tasked with submitting the documents issued for Defendant’s consideration by March 30, 2022.
In a motion submitted by Ripple last week, the company received copies of the corrected documents. He then stated that the SEC would analyze and determine if any revisions to the documents were required. Respondent’s response is expected on or before April 4, 2022, with the court mandating the SEC to produce corrected documents for Ripple’s analysis.
XRP price increased
As we have reported as Kriptokoin.com, the lawsuit, which has been going on for more than a year, is thought to end soon. Last week, the SEC took advantage of the Negotiation Process Privilege (DPP) rule, which decided to submit a motion between the agency and third parties requesting permission to reissue certain portions of selected meeting notes. The SEC expressed concerns that the chapters it wanted to remake were emphasizing the author’s personal opinion rather than public direction.
Meanwhile, there was a surge in the price of XRP. Following the new developments regarding the court, XRP, the token issued by the Blockchain company, rose to its highest level of $ 0.90 during the day. At the time of writing, it is changing hands at $0.87, up 1.4 percent. The rise of the cryptocurrency in the last 7 days is 4.3 percent, and the rise in the last 14 days is observed as 12.7%. Time will tell how the price will move after the document presentation tomorrow.
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