As a seasoned crypto investor with a keen interest in the legal landscape of digital assets, I’ve closely followed the Ripple XRP lawsuit with the SEC. The recent developments have brought renewed hope that a resolution is on the horizon, especially since the case has reached the remedies stage.
As a seasoned crypto investor, I’ve been closely following the drawn-out legal battle between Ripple and the SEC regarding the status of XRP tokens. Now, we’re entering a new phase: the remedies stage. This is where the court decides on appropriate actions to be taken based on the findings from the previous trial phases. Let’s stay tuned for further developments.
Ripple XRP Lawsuit: April 29 is Key Pivotal Date
Multiple onlookers anticipate reaching a settlement or an accord between the parties involved, signaling the possible conclusion of the legal dispute.
Based on the announcement made by American lawyer James K. Filan, Magistrate Judge Sarah Netburn, who has been put forward for the position of District Judge in the Southern District of New York, has released an order setting deadlines for the ongoing legal dispute.
Ripple’s request to discard the SEC’s latest expert submissions was displaced by the current scheduling sequence.
Recognizing the potential value, the proposed submission could bolster the SEC’s arguments for appropriate remedies and a conclusive verdict.
As a result, the judge granted the SEC an extension until April 29, 2024, to submit their response to Ripple’s motion, and Ripple was allowed three business days thereafter to respond.
$100M or $2B Settlement for SEC?
According to reports, Judge Netburn’s actions during the case have led some to believe that she may be inclined towards Ripple’s position, boosting optimism among the company and its backers that the legal outcome could favor them.
Currently, the outcome of the lawsuit between the securities regulators and Ripple is uncertain and open to debate. Some believe the regulator will prevail, while others are backing Ripple.
According to Attorney Jeremy Hogan’s perspective, the ongoing Ripple XRP lawsuit is expected to reach a resolution this summer, potentially involving a $100 million settlement from Ripple instead of the initial $2 billion penalty proposed by the SEC. The attorney’s proposed settlement represents a significant reduction compared to the SEC’s earlier demand for a disgorgement of $876,308,712 and prejudgment interest of $198,150,940.
When the Securities and Exchange Commission made such an unexpectedly harsh request, Hogan was among those voicing disapproval. He pointed out that the regulatory body’s call for this action seemed at odds with its primary goal of protecting investors.
Stuart Alderoty, Ripple’s Chief Legal Officer, proposed a fine of up to $10 million as a reasonable penalty. This amount is what Ripple consented to pay in settlement for allegedly violating Section 5 of the Securities Act of 1933 by offering XRP under institutional investment contracts.
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2024-04-26 21:50