2024-3-16 00:00 |
The long-running legal battle between the Securities and Exchange Commission (SEC) and Ripple is set to once again gain steam as key dates approach. The XRP community will no doubt have their eyes on this one and hope that the lawsuit, which has continued to mar the XRP ecosystem, can well be put in the past.
The SEC and Ripple Set For Another ShowdownFormer Federal Prosecutor James Filan revealed in an X (formerly Twitter) post that the SEC’s opening brief is due on March 22, while Ripple will have until April 22 to file its opposition brief. Once that is done, the SEC’s reply brief will follow with the deadline set for May 6. As noted by Filan, these dates form part of the revised schedule for the remedies briefing.
The previous deadline for the SEC’s opening brief was set for March 13. However, the Commission made a request to Judge Analisa Torres, seeking a one-week extension and citing “good cause” as the reason why the request should be granted. Judge Torres subsequently granted the request.
To avoid prejudice, the SEC also requested that Ripple’s deadline to file its opposition brief be moved from April 12 to April 22 to give the defendants ample time to respond appropriately to the Commission’s brief. This remedies briefing stage is a set-off from the discovery stage, where the regulator had requested certain documents from the crypto firm.
These documents, which include post-complaint institutional sales contracts, will form the focal point of the SEC’s opening brief. In it, the Commission will also make certain requests regarding the remedies that should be granted in its favor for Ripple’s breach of securities laws. Judge Torres had previously ruled that the crypto firm’s institutional sales were investment contracts.
How The Remedies Briefing Could GoAlongside a monetary fine, the SEC is expected to request an injunction restraining Ripple from conducting institutional sales that are in breach of securities laws. On the other hand, Ripple will most likely contend what amount the Commission requests that it pays as a fine. There might also be contentions from Ripple that its ODL transactions do not classify as securities.
Pro-XRP legal expert John Deaton had previously suggested that the remedies briefing might not be so straightforward as both parties might still have to file subsequent briefs. Deaton added that he doesn’t foresee a judgment coming until late summer “at the earliest.” When the judgment is finally given, there is also the likelihood of an appeal from either (or both) parties.
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