- The Ripple and SEC discovery phase has concluded, leaving a few key deadlines on the horizon.
- Looming deadlines have fueled speculation of an early resolution, potentially benefiting both parties.
- The SEC originally sought a hefty penalty, but a July 2023 ruling has narrowed the scope of alleged wrongdoing.
The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) has entered a critical phase as the discovery deadline closed yesterday, February 20. With key dates looming and settlement whispers circulating, the crypto community awaits a potential resolution in the long-running case.
Ripple Lawsuit Deadline Passes
Yesterday marked the deadline for the lawsuit’s discovery phase, where both parties gathered and exchanged relevant information. With this chapter closed, attention has shifted to these upcoming dates:
- Mar 13: SEC files remedies-related brief.
- Apr 12: Deadline for motions opposing remedies proposals.
- Apr 29: Final remedies deadline, the court determines penalties for Ripple’s institutional sales.
While a final verdict from Judge Analisa Torres might not come until July or August, a settlement could conclude the case even sooner. This possibility has been echoed by other industry experts, fueled by the significant impact the lawsuit has had on both Ripple and the broader crypto market.
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The SEC initially accused Ripple of selling unregistered securities in the form of XRP tokens, aiming for a hefty $770 million penalty. However, a July 2023 ruling found Ripple’s favor regarding sales on public exchanges only deemed their sales to specific institutional investors unlawful.
Will They Settle or Fight?
While negotiations for a settlement remain undisclosed, the upcoming deadlines and potential penalties create a critical juncture. A settlement could offer both parties a clear resolution, avoiding further legal costs and uncertainties.
Meanwhile, the crypto community waits with bated breath for further developments, hoping for a definitive conclusion to this high-profile legal battle with broader implications for the industry.
On the Flipside
- Even if they win, the legal battle has significantly dented Ripple’s reputation and market cap, raising questions about their long-term viability.
- The SEC still has options to appeal the ruling or pursue alternative legal strategies, prolonging the case and adding further uncertainty.
Why This Matters
With discovery closed and key dates approaching, the Ripple vs. SEC lawsuit reaches a pivotal stage. A potential settlement could offer swift resolution but also shape the future of digital asset regulation, impacting the entire crypto market.
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To learn more about the upcoming SEC vs Ripple lawsuit and what the discovery deadline means for XRP, read here:
SEC vs. Ripple Discovery Deadline 2 Days Away, What to Expect
Curious about XRP’s recent price surge and whether a “mega move” is really on the horizon? Read more here:
XRP’s Weekly Surge Sparks Improbable 7000% Pump Speculations
