In the world of cryptocurrencies, few legal battles have been as closely watched as the ongoing tussle between Ripple and the U.S. Securities and Exchange Commission (SEC). Now, it appears that a resolution may be on the horizon, with the court setting a crucial date in early November. This development comes in the wake of an ultimatum issued by Judge Analisa Torres, setting the stage for what could be the conclusion to a saga that began in December 2020.
The latest chapter in this legal drama began with a letter from the SEC to Judge Torres on October 19. In the letter, the SEC requested an extension until November 9 to allow both parties, the regulatory body and Ripple, to come to an agreement on a briefing schedule regarding remedies. Judge Torres responded by granting the requested extension, seemingly agreeing to the SEC's proposal.
However, what has captured the attention of the crypto community is Judge Torres' additional ultimatum. In the event that both parties fail to propose a briefing schedule jointly, she stated that the court will take it upon itself to set the schedule. The deadline for this action is November 9, aligning with the SEC's request.
This development has sparked speculation among cryptocurrency enthusiasts who are now eyeing the second week of November as a potential turning point in the long-standing legal dispute. The lawsuit initially arose when the SEC charged Ripple with violating securities laws in connection with the sale of XRP. This case has been a protracted battle, with Ripple gaining a partial victory in July of this year when the court ruled in its favor. Notably, the SEC's request for an appeal was also denied shortly after.
With this impending meeting between Ripple and the SEC scheduled to determine the roadmap to resolving their differences, market participants are cautiously optimistic that this could mark the beginning of the end for the legal feud.
The anticipation surrounding this date has also manifested in the trading markets. The Open Interest, which represents the total number of outstanding Ripple futures or options contracts in the market, has been on the rise as November 9 approaches. After hitting an eight-month low of $374 million at the beginning of September, the Open Interest has surged to $555 million, marking a substantial 48.4% increase. This suggests that investors are closely monitoring the developments and positioning themselves for potential market movements tied to the outcome of the SEC-Ripple dispute.
In the midst of this legal saga, another cryptocurrency, RencomNetwork's RNT, is making waves with a surge of its own. RNT has gained significant attention and value, skyrocketing by more than 3000% in the past week. What's more, RencomNetwork is on the verge of expanding into over 130 countries, including the United States. This expansion is accompanied by a notable development, as RencomNetwork has received internal confirmation that its native token RNT has been granted a non-security status by the legal team. This development further underscores the significance of the network's recent achievements, hinting at an exciting future for the platform and its cryptocurrency.