Critical Juncture: Ripple-SEC Legal Saga Reaches Deadline Showdown
The long-running legal battle between Ripple Labs Inc. and the US Securities and Exchange Commission (SEC) is approaching a turning point as both sides are about to miss deadlines for submitting their remedy briefings. This lawsuit stage is essential, laying the groundwork for a future settlement.
Today, attorney James K. Filan outlined the forthcoming timeline on X, highlighting essential dates such as the SEC’s opening brief, which is due on March 22, Ripple’s opposition brief, which is due on April 22, and the SEC’s reply brief, which is due on May 6.
#XRPCommunity #SECGov v. #Ripple #XRP Below is the revised schedule for remedies briefing: (1) @SECGov’s opening brief is due on March 22, 2024, (2) @Ripple’s opposition brief is due on April 22, 2024, and (3) @SECGov’s reply brief is due May 6, 2024.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) March 14, 2024
These dates follow a one-week extension for remedies-related discoveries Ripple received in February, which moved the due date from February 12 to February 20. Judge Sarah Netburn’s decision in favor of the SEC necessitated the extension, compelling the business to provide significant documentation on the XRP sales for 2022–2023 within a limited timeframe.
Furthermore, the SEC, represented by Jorge G. Tenreiro, requested an extra week in late February to submit a briefing to Judge Analisa Torres regarding remedies. Judge Torres granted this motion in early March, intending to give ample time to evaluate freshly submitted papers and complete their briefing.
What Can We Anticipate From The SEC Remedies vs. Ripple Briefing?
An XRP supporter, John Deaton, says a settlement between the two parties isn’t possible right now. He has recently been open about the case’s course, highlighting the lack of settlement talks between the parties.
The SEC’s challenging legal posture is evident in its decision to order Ripple to provide its audited financial accounts for 2022–2023 and information on institutional sales following the complaint, consistent with Deaton’s conclusions. Deaton refers to this action as “scorched earth litigation.”
Another member of the XRP community, Fred Rispoli, recently reflected on the SEC’s unwavering stance and voiced early hope for a de-escalation while also acknowledging the case’s growing emphasis. The statements made by Rispoli highlight the seriousness of the SEC’s requests for financial records following the filing of a lawsuit and point to a calculated action to carefully examine Ripple’s present operational compliance.
“The ultimate takeaway is that Ripple is still being pursued by the SEC to limit or eliminate its institutional operations,” he surmised. The entire briefing will center on how Ripple currently operates and how it differs from the practices criticized in the MSJ. Regretfully, the stakes are still very high—for Ripple, not XRP.
Speaking about the possible financial consequences for Ripple, Deaton suggested that the fines might be “between $10 million and $100 million,” which is much less than the $200 million Ripple thought to have spent on legal defense. Deaton sees the remedies phase as a comprehensive legal issue in and of itself and is optimistic that the decisions made by Judge Analisa Torres regulating the sale and distribution of XRP will be upheld by an appellate court.
The price of XRP at press time was $0.693.
