SEC vs Ripple: Will Things Turn Out Positive for Ripple?

• SEC and Ripple submitted a joint letter asking for an extension of one week.
• Ripple appoints ex-Amazon CFO Warren Jenson as a new Board of Directors.

In the “never-ending SEC vs Ripple battle,” Ripple Labs has recently seen some positive winning streaks. On 16th May, Ripple bagged a significant win against the U.S. Securities and Exchange Commission to make Hinman speech-related documents public.

However, both parties in the ongoing legal battle over the use of the cryptocurrency XRP have submitted a joint letter asking for an extension of one week, until June 13, 2023, to file public, undeleted versions of their cross-motions for summary judgment and supporting documents.

According to the court filings, a judge ordered that the public and redacted versions of the materials needed to be filled out in 21 days. It highlighted that the SEC and Ripple seek an extension due to the “voluminous nature of the materials and redactions.”

#XRPCommunity #SECGov v. #Ripple #XRP Parties file Joint Letter for one week extension, until June 13, 2023, to file public, unredacted versions of cross-motions for summary judgment and accompanying exhibits, which includes the Hinman materials. pic.twitter.com/ystntXCJl1

— James K. Filan (@FilanLaw) May 19, 2023

The highly anticipated Hinman materials are included in the joint letter, enhancing the suspense as both sides gear up for a legal decision showdown.

Ripple’s Rapid Moves in the Market

Within 3 days since Judge Torres issued her order on the Hinman documents, the SEC antagonist has taken many significant steps.

Ripple acquired Metaco, a Swiss-based provider of digital asset custody and tokenization technology, for $250 million. Also, the company launched a “Ripple CBDC Platform” for the development of central bank digital currencies and stablecoins. In addition, Ripple hired an ex Amazon CFO and a financial guru, “Warren Jenson,” to its esteemed Board of Directors.

All these moves from Ripple Labs brought major attention and a price rally to its native crypto, XRP. The altcoin traded in green candles for the seventh day in a row. That signaling the price of XRP is on a “bullish rampage.” The XRP price surged more than 10% in the last 7 days and is trading at a spot price of $0.46.

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