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- SEC and Ripple have filed a joint letter requesting a one-week extension.
- Ripple has appointed former Amazon CFO Warren Jenson to its Board of Directors.
In the ongoing SEC versus Ripple dispute, Ripple Labs has recently experienced a series of favorable outcomes. On May 16, Ripple achieved a notable victory against the U.S. Securities and Exchange Commission by securing the release of documents related to the Hinman speech.
Nonetheless, both parties involved in the current legal dispute concerning the cryptocurrency XRP have jointly requested a one-week extension, pushing the deadline to June 13, 2023, for submitting public, unredacted versions of their cross-motions for summary judgment and supporting materials.
As per the court documents, a judge mandated that public and redacted versions of the required materials be submitted within 21 days. The request for an extension was attributed to the “voluminous nature of the materials and redactions” involved.
#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
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The eagerly awaited Hinman materials are part of the joint letter, adding to the anticipation as both parties prepare for a pivotal legal decision.
Ripple’s Swift Actions in the Market
In the three days following Judge Torres’s order regarding the Hinman documents, Ripple has undertaken several significant initiatives.
Ripple acquired Metaco, a Swiss firm specializing in digital asset custody and tokenization technology, for $250 million. Additionally, the company introduced a “Ripple CBDC Platform” aimed at facilitating the development of central bank digital currencies and stablecoins. Furthermore, Ripple has brought on board former Amazon CFO and financial expert Warren Jenson to its distinguished Board of Directors.
These strategic moves by Ripple Labs have attracted considerable attention and triggered a price rally for its native cryptocurrency, XRP. The altcoin has recorded green candles for seven consecutive days, indicating that XRP is experiencing a “bullish rampage.” Over the past week, the price of XRP has increased by more than 10% and is currently trading at $0.46.
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