- Ripple (XRP) Coin investors are eagerly anticipating a major announcement expected on September 29, following a favorable summary judgment for Ripple Labs against the SEC.
- While Ripple aims for an IPO, Lawyer John Deaton, representing XRP investors, believes that any such move would be highly unlikely given the SEC’s current injunction requests and the ongoing Coinbase vs SEC case.
Ripple: Navigating a Legal Minefield as IPO Ambitions Loom
As one of the most litigious sagas in cryptocurrency history, the SEC’s case against Ripple (XRP) has stifled the coin’s performance for years. Yet, despite the SEC’s relentless pursuit even after a favorable summary judgment for Ripple, the narrative could soon take an unexpected turn.
The Enigma of September 29th
Ripple Labs CEO Brad Garlinghouse recently announced a community celebration event named “Ripple Proper Party,” slated for September 29, 2023, in New York. But is this event merely celebratory? Ripple’s broader strategy implies a more complex scenario. The company is making preliminary moves toward launching an Initial Public Offering (IPO) and any significant announcements concerning the lawsuit or IPO are expected to be unveiled on this date.
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However, the XRP token is currently navigating turbulent financial waters, trading just below the critical $0.5 support level. The appeal filed by the SEC against the favorable judgment caused the token’s price to plummet, a decline further exacerbated by negative market sentiment.
Legal Realities Constrain IPO Aspirations
John Deaton, the lawyer spearheading the representation for XRP investors, posits that any settlement with the SEC is improbable. A settlement, he argues, is contingent upon pivotal developments in the Coinbase vs SEC case. Furthermore, Deaton suggests that an IPO for Ripple would be inconceivable under the current circumstances.
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The SEC has not only sought a preliminary injunction against future corporate sales of XRP but also aims to impose a permanent injunction against the CEO and Chairman of Ripple Labs. Given that the SEC oversees the approval of IPOs, such an adversarial stance suggests Ripple’s IPO aspirations might be wishful thinking at best.
The Coinbase Contingency
The SEC’s lawsuit against Coinbase, accusing the exchange of operating as an unregistered broker, brings additional complexity to Ripple‘s legal landscape. The outcome of the Coinbase case could serve as a precedent for Ripple’s own legal and IPO ambitions, creating a labyrinthine network of possibilities and constraints.
As the September 29 date looms closer, the stakes for Ripple and its investor community could not be higher. While the event may ostensibly be a celebration, the underlying currents suggest a much more intricate tapestry of legal and financial maneuvering.
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