The fight between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is getting hotter as both sides gear up for a big date on February 20th. This is the next crucial moment in the ongoing legal battle over whether Ripple illegally sold XRP tokens.
Remember, back in July 2023, Ripple got a win when the court said they didn’t need to register all their XRP sales with the SEC. But, the court also said some sales to big companies did need registration. Now, both sides are trying to figure out what “punishment” Ripple should face for those sales.
February 20th is important because it’s the deadline for both sides to gather information about the case. This could be like finding new clues in a detective story! The SEC wants to see Ripple’s financial records and details about how they sold XRP to big companies. By digging through this information, the SEC might find something that helps them argue for a harsher punishment for Ripple.
Ripple, on the other hand, wants more time to find all the documents the SEC is asking for. They say it’s hard to collect everything so quickly. After this information gathering phase is over, both sides will submit arguments in March and April, and then the court will decide what punishment Ripple should face.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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