- The legal battle between Ripple and the SEC has entered the remedies briefing phase.
- A disagreement about document access during discovery has been settled.
- Deadlines have been established for both Ripple and the SEC to submit their arguments regarding remedies.
The long-running legal battle between Ripple Labs Inc. and the Securities and Exchange Commission (SEC) has progressed to the remedies briefing phase, with a recently established timeline for submissions from both parties. This phase follows the conclusion of discovery in February 2024, which focused on gathering evidence relevant to potential penalties or injunctive relief.
Next Steps in Ripple vs. SEC
James K. Filan, an attorney following the case closely, shared the updated briefing schedule on social media platform X. The SEC will submit its opening brief on March 22nd, followed by Ripple’s opposing arguments on April 22nd. The SEC then has until May 6 to deliver a reply brief.
This schedule comes after a period of contention surrounding the scope of discovery related to potential remedies. In February, Ripple sought a one-week extension to complete discovery relevant to the remedies phase, pushing the deadline from February 12th to February 20th.
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This request arose after a dispute regarding the relevance of documents produced by Ripple after the initial SEC complaint in December 2020. Magistrate Judge Sarah Netburn ultimately ruled in favor of the SEC, allowing them access to these documents.
Schedule Moves Forward After Extension
Following Ripple’s successful extension for discovery, the SEC itself requested a one-week extension for filing their remedies briefing. Citing the need to review the newly produced documents and finalize their arguments, the SEC’s motion was granted in early March.
With the briefing schedule now set, the legal battle moves closer to a potential resolution on the question of remedies. The outcome of this phase will determine any potential penalties or injunctive relief imposed on Ripple Labs.
On the Flipside
- The established briefing schedule only determines when arguments are presented, not the final judgment. A lengthy resolution is still possible.
- The back-and-forth over discovery and briefing schedules prolongs the uncertainty surrounding the legal status of XRP.
Why This Matters
The established remedies briefing schedule in the Ripple vs. SEC case signifies a crucial step toward a final resolution. This phase will determine any potential punishments for Ripple, shaping the company’s future and potentially impacting the broader crypto industry by setting a precedent for how the SEC regulates digital assets.
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To learn more about the ongoing legal battle between Ripple and the SEC and the lack of clear regulations for cryptocurrencies in the US, read here:
Ripple CLO Draws on Judge’s Criticism of SEC’s “Vague” Rules
To learn more about the SEC’s lawsuit against Gemini and Genesis and its potential impact on how similar crypto products are regulated, read here:
SEC’s Case Against Gemini Survives Genesis’ Motion to Dismiss
