The post Ripple v SEC Lawsuit Update: Court Issues New Order, Next Step? appeared first on Coinpedia Fintech News
XRP fans still speculate if the SEC’s case against Ripple will be settled or dismissed. Here’s what to expect next. Judge Analisa Torres, presiding over the SEC vs. Ripple lawsuit, has instructed both parties to propose a joint briefing schedule for the remedies phase. This phase is set to determine the appropriate remedies Ripple Labs may face for violating federal securities laws through its sales of XRP to institutional clients.
On November 9, 2023, both parties must “jointly propose a briefing schedule about remedies, or, if the parties cannot agree, shall jointly request that the Court set a briefing schedule.” legal expert James K. Filan
#XRPCommunity #SECGov v. #Ripple #XRP By November 9, 2023, the parties shall jointly propose a briefing schedule with regard to remedies. If the parties cannot agree on a schedule, Judge Torres will set the schedule. pic.twitter.com/OHOG0FNPV2
— James K. Filan (@FilanLaw) October 24, 2023
But the question still hangs on Ripple’s institutional sales, as the court previously found that these transactions constituted investment contracts, a key point of contention in the case. In line with the order for remedies briefing, the court has granted the SEC’s request to adjourn the scheduled trial for its claims against Ripple executives Brad Garlinghouse and Chris Larsen. The initial trial conference and trial dates are now adjourned indefinitely, signaling further adjustments in the legal proceedings.
Now the debate is on the Penalties
But the size of the potential penalties Ripple may face remains a central issue in the lawsuit. With institutional XRP sales totaling approximately $770 million, legal experts have questioned the actual acceptable Ripple might be required to pay.
Although Ran is correct that an appeal by the SEC will happen sooner because the SEC chose to dismiss the case against @bgarlinghouse and @chrislarsensf (because the April 2024 trial will now not happen), it is incorrect to say the SEC can appeal immediately. The penalty phase… https://t.co/kXoHL61yL3
— John E Deaton (@JohnEDeaton1) October 20, 2023
Ripple supporters are looking forward to this Nov 9, and it shows on-chain metrics. As the date approaches, more people are getting involved in Ripple futures and options. In early September, this activity was at its lowest in eight months at $374 million. But now, it has increased to $555 million, up by 48.4%.
Crypto Experts Weigh In
Looking at the other side, the pro-XRP lawyer, John Deaton, points to the LBRY lawsuit, where the SEC initially demanded a $23 million fine but eventually settled for $130,000 after extensive legal proceedings. This precedent suggests that final penalties can significantly differ from initial demands in SEC cases.
On the contrary, a Fox Business journalist, Eleanor Terrett, anticipates a challenging battle in the penalty phase. While Ripple may strive to reduce the penalty, the SEC is expected to pursue a substantial amount, considering it a necessary assertion of its authority.
SO, what are next steps in the @Ripple case? Now that the @SECGov has dropped the charges against @bgarlinghouse and @chrislarsensf, expect to see some more litigation in the penalty phase between the two parties in regards to the appropriate penalty for Ripple‘s $700M+ of… https://t.co/4jJAzKtTjp
— Eleanor Terrett (@EleanorTerrett) October 19, 2023
The upcoming remedies briefing phase and the ensuing penalty phase are set to play a pivotal role in the ongoing SEC vs. Ripple lawsuit, making it a closely watched legal battle in the cryptocurrency community. Finally, XRP’s price must maintain its bullishness from the past few days to continue the surge. Ripple native tokens are at $0.561, up 15.1% in a week.
