As a researcher following the Ripple vs. SEC lawsuit closely, I find this latest development to be an important milestone in the case. The deadline for the last sealing-related filing in the remedies phase has arrived, bringing us one step closer to a final resolution. This is a significant move forward in a legal battle that has garnered widespread attention within the crypto community.
In my role as an analyst following the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC), I want to bring your attention to a significant development: The deadline for the final sealing-related filing in the Remedies Phase has now passed.
In a significant development for the crypto industry, a long-running lawsuit against Ripple made headlines once more in July last year. This legal battle, initiated in late 2020, centers around the Securities and Exchange Commission (SEC) accusing Ripple of conducting an unregistered securities offering by selling XRP. In a favorable turn of events for Ripple, the court determined that XRP as a digital asset was not considered a security in itself. However, certain institutional sales of XRP were found to represent unregistered securities offerings.
Based on the previously shared schedule, on May 20, 2024, Ripple, the SEC, and any involved third parties are anticipated to submit letter briefs opposing sealing motions in accordance with the omnibus letters. This represents the final deadline mentioned in the agreed proposal between the two parties.
Under the proposed agreement, both sides will need to submit publicly accessible, redacted copies of all relevant documents within two weeks following the court’s decisions on the sealing motions.
With the approaching due date for the final sealing submission in the remedies stage of the Ripple versus SEC lawsuit, the case edges nearer to its conclusive outcome.
On March 22, the Securities and Exchange Commission (SEC) petitioned the court for remedies amounting to approximately $2 billion from Ripple over its institutional sales of XRP. In contrast, Ripple countered on April 22 by contending that a penalty of at most $10 million was fitting in this circumstance. The SEC then responded to Ripple’s submission on May 6.
In terms of next steps, both Ripple and SEC will await the judge’s ruling on the final remedies.
The judge’s decision on the timeline is undisclosed, but Ripple’s latest comments suggest that they anticipate reaching a conclusion in the coming months.
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2024-05-20 18:15