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After the U.S. Securities and Exchange Commission (SEC) dropped the case filed against Ripple executives, the focus has now shifted to what should be expected next.
Attention now turns to the remedies stage, which aims to determine appropriate penalties for violation of securities laws during the sale of over $700 million worth of XRP to institutional clients. A recent court order states that both the SEC and Ripple Labs have until November 9, 2023, to propose a briefing schedule for remedies.
Eleanor Terrett Shares Her Thought
In response to these developments, Fox Business journalist Eleanor Terrett has taken to X to shed light on the next course of action in this ongoing legal battle.
Terrett, who has been closely following the SEC v. Ripple case, urged the crypto community and XRP enthusiasts to brace themselves for further litigation during the remedies stage.
“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 institutional sales,” she stated.
Drawing on insights from sources familiar with the matter, Terrett hinted at the potential for Ripple to reduce the penalty imposed. However, she highlighted that the SEC would likely seek a substantial portion of the penalty as a matter of prestige.
According to Terrett, lawyers involved in the case have emphasized the anticipation of a fierce battle during the remedies stage.
While the most recent developments in the SEC v. Ripple case offer positive prospects for Ripple and the wider crypto industry, it is important to remember that the remedies stage is yet to unfold, leaving the possibility for Ripple to face penalties for its violation of securities laws. As the two parties prepare for intense litigation, the community should remain vigilant and prepared for further legal twists and turns.
The Prospects of a Settlement During the Remedies Stage
Amidst the ongoing legal proceedings, there remains a possibility for Ripple and the SEC to settle on the remedies stage. Both sides have motivations to consider a settlement, as it would alleviate the uncertainty and costs associated with prolonged litigation.
For Ripple, a settlement would provide closure, enabling the company to redirect its focus toward core operations. Currently navigating various challenges, including geopolitical tensions and a global economic slowdown, Ripple aims to concentrate on developing and promoting XRP without the distraction of the lawsuit.
A settlement would also offer the SEC an opportunity to claim victory in the case without undertaking a full trial. Having experienced setbacks such as the dropped charges against Ripple executives and a court ruling deeming Ripple’s programmatic sales and distributions of XRP as not constituting securities, the SEC could avoid the risk of an unfavorable outcome by settling.
Nevertheless, the potential for a settlement must be viewed alongside the SEC’s reluctance to pursue such an agreement and Ripple’s resistance to admitting any wrongdoing. Consequently, both parties may find it challenging to reach common ground.
Should a settlement prove elusive, the case will proceed to the remedies stage, leading the court to determine appropriate penalties for Ripple’s securities law violation. The court may order Ripple to pay fines, disgorgement of profits from XRP sales, or even impose a halt on XRP sales altogether.
In summary, while the likelihood of a settlement during the remedies stage remains uncertain, the incentives for both Ripple and the SEC are present, indicating the potential for further negotiations. However, the divergent positions and interests of the parties could impede the ability to resolve.
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