New Developments in the Legal Dispute Between Ripple Labs and SEC
Request for a Standard Ruling
In the latest hearing, Ripple submitted a letter confirming support for a cooperative petition for a guiding ruling from the court. This move suggests that the court should provide clear signals regarding the possibility of reaching an agreement, while also maintaining previous rulings. Ripple emphasizes that they do not request a change to the original judgment, but rather seek clarity on the legal direction.
Compliance Policy and Legal Responsibility
In the letter, Ripple confirms that even if the court lifts the order requiring them to 'comply with the law,' the company will still adhere to all securities regulations like other businesses. The lifting of this order does not reduce Ripple's legal responsibilities; current rules continue to apply to all parties in the cryptocurrency market.
Reactions from Legal Experts
A former SEC lawyer noted that Ripple's new letter does not present any exceptionally new content compared to previously submitted documents. According to Marc Fagel, this appears to be a response aimed at clarifying their position in light of skepticism from the cryptocurrency community on social media. This indicates Ripple's desire to demonstrate determination and transparency in the legal negotiation process.
Impact on XRP Price and the Cryptocurrency Market
XRP Price Volatility in the Legal Context
The price of XRP has experienced a significant decline due to pressure from the prolonged legal dispute. After reaching a peak of $2.31, the token has dropped over 7%, currently trading around $2.15. Since May 29, XRP has failed to break through the resistance of $2.27–2.30 in five attempts, with the most recent rejection occurring on June 16.
Awaiting the Official Ruling
Investors and the cryptocurrency community are closely monitoring the court's response to the joint petition. The success of the anticipated agreement could potentially end the years-long dispute, opening new opportunities for the cryptocurrency market related to Ripple and XRP.
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