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The lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is still on after over four years. However, today might come with a major shift in the case as the market regulator is having an internal meeting to discuss the way forward.
Ripple lawsuit decision may set precedent for crypto regulation
In an update shared by Scott Melker, The Wolf of All Streets, in a matter of hours, the SEC will discuss internally whether to accept the withdrawal. This shows that the regulatory body will likely accept Ripple move to end the case or choose to continue.
The SEC vs. Ripple case is one of the most popular crypto lawsuits in history. How the lawsuit ends is important as it may guide related actions between firms in the industry and market regulators.
The SEC meeting today remains pivotal ahead of the approaching deadline. As U.Today reported, the next status report is due on Aug. 15, with anticipation high in the broader crypto sector and particularly among the XRP community.
As per the timeline, if Ripple and the SEC dismiss their appeal before Aug. 15, then the case is essentially over. However, if, after today’s meeting, the SEC decides against Ripple, the case might linger for much longer.
XRP price gains despite Ripple-SEC legal uncertainty
Despite the ongoing lawsuit, Ripple continues to perform well in the financial space. The company recently ranked as the 23rd biggest private entity by market capitalization, with a value of $15 billion. Ripple outperformed notable Swedish fintech company Klarna, which boasts of $14.5 billion.
Meanwhile, on the broader crypto market, Ripple’s associated digital currency, XRP, has recorded significant gains ahead of the SEC decision. As of press time, XRP is changing hands at $3.04, reflecting a 2.16% increase in the last 24 hours.
However, the trading volume remains in the red zone, down by 5.35% at $4.8 billion.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team