Judge Torres Sets Briefing Schedule For XRP Lawsuit. Here’s the Case Could End

The SEC vs. Ripple lawsuit is nearing its final stages, with a final judgment expected in July 2024. On November 13, 2023, Judge Analisa Torres set a schedule for remedies-related discovery and briefing, the final step in the litigation process before a judge issues a ruling.

James K. Filan (@FilanLaw), a notable pro-crypto lawyer and former federal prosecutor, shared the update on X.

The Background of the Lawsuit

In 2020, the SEC alleged that Ripple sold XRP as an unregistered security, raising over $1.3 billion in an illegal initial coin offering (ICO). Ripple denied the allegations, arguing that XRP is a utility token, not a security.

The lawsuit and other similar ones have exposed the flaws in the SEC’s regulatory strategy, with judges describing the SEC’s positions as arbitrary and capricious, and pointing out the hypocrisy in the regulator’s arguments.

In recent months, there have been several important developments in the lawsuit. In October 2023, the SEC dropped charges against Ripple executives Brad Garlinghouse and Chris Larsen. This followed Ripple’s win in July when XRP sales on public exchanges were ruled as not unregistered securities offerings and the denial of the SEC’s interlocutory appeal months later.

However, the SEC is still pursuing its case against Ripple, alleging that the company violated securities laws by selling XRP directly to institutional investors.

The Schedule

The schedule set by Judge Torres is as follows:

• February 12, 2024: Deadline for parties to complete remedies-related discovery.
• March 13, 2024: Deadline for the SEC to file its brief for Section 5 violations concerning its institutional sales of XRP and other parts.
• April 12, 2024: Deadline for Ripple to file its opposition to the SEC’s brief.
• April 29, 2024: Deadline for the SEC to file its reply to Ripple’s opposition.

Judge Torres will have two options once the briefs have been filed. She could issue a summary judgment based on the legal arguments presented in the briefs. Or, she could schedule a trial to hear evidence on the remedies issue.

Jeremy Hogan (@attorneyhogan1) also weighed in on the current state of the lawsuit, pointing out that Ripple’s lawyers had reduced the case to 20% of the original. He stated, “Look at the case heading – the only Defendant is Ripple. The defense has whittled the case down to only 20% of what it used to be. How much of it will be left in July?”

Ripple’s CEO Brad Garlinghouse recently revealed the next action in the lawsuit. With a final judgment expected in July 2024, the XRP community is eager to see what happens next.

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