April 2024 will be a crucial month for Ripple and XRP as the crypto payments company continues its legal tussle with the SEC and Zakinov.
As 2024 has started with renewed optimism for crypto enthusiasts, many investors are eager to know what the new year holds for them. For the XRP community, April 2024 will be a crucial month for the cryptocurrency and Ripple Labs.
Zakinov and SEC Legal Battles
This is mainly because April marks the month when XRP and Ripple could see interesting developments in two major legal tussles. Notably, Ripple is currently embroiled in lawsuits against the U.S. SEC and a group of XRP investors led by Vladi Zakinov.
Both lawsuits allege that Ripple violated securities laws by raising funds via the sale of XRP. Although the motion hearing in the Zakinov Vs. Ripple case is slated for January 11, 2024, the case’s trial is expected to commence on April 15, 2024.
On the other hand, the remedies litigation in the SEC Vs. Ripple lawsuit will linger till April 2024.
According to the court’s schedule, the final motion with respect to the remedies litigation is expected to be filed on April 29, 2024. Notably, Ripple will file its opposition to the SEC’s remedies brief on April 12, 2024. By April 29, 2024, the Securities and Exchange Commission shall file a reply to the defendants’ opposition.
Upcoming SEC v. Ripple Remedies Litigation
For context, in July 2023, a federal court issued the highly anticipated summary judgment in the lawsuit between the SEC and Ripple.
While the court ruled that Ripple violated the law via the institutional sales of XRP, it declared that programmatic sales and other distributions do not constitute securities as alleged by the SEC.
Consequently, the court scheduled a remedies litigation, which will officially begin in February 2024 and linger until April. The remedies litigation pertains to the potential fine that Ripple could pay for selling XRP to institutional investors.
It is worth noting that developments in these upcoming litigations could have massive implications on the price of XRP, which is currently trading around $0.56.
