Ripple vs SEC Case Update as of March 15, 2024. Crucial Dates Released

The ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple is nearing a critical juncture. James K. Filan (@FilanLaw), a defense lawyer and former federal prosecutor known for his pro-crypto stance shared key dates in the lawsuit.

Also, the SEC is set to file a crucial document outlining potential penalties for Ripple on March 22, 2024. This filing, known as an opening brief on remedies, will significantly impact the case’s outcome.

Read Also: XRP Lawsuit: Expert Highlights What Is Next For Ripple and the SEC

Delayed Deadline and Focus on the Brief

The initial deadline for the SEC’s opening brief was March 13, but the court granted an extension upon the regulator’s request. This delay allows the SEC additional time to analyze Ripple’s recently submitted audited financial statements. It’s anticipated that the SEC will leverage these financial records in the brief to bolster its arguments for a significant penalty against Ripple.

The core of the SEC’s opening brief will revolve around presenting evidence that Ripple’s sale of XRP to institutional investors violated U.S. securities laws. By outlining these alleged violations, the SEC aims to convince the court to impose a substantial financial penalty on Ripple.

Ripple’s Response and the SEC’s Rebuttal

Following the SEC’s opening brief, Ripple will be granted the opportunity to submit an opposition brief by April 22. This extended deadline, originally set for April 12, allows Ripple additional time to formulate its defense. The opposition brief is expected to counter the SEC’s claims and present arguments that would minimize any potential penalty.

After receiving Ripple’s opposition brief, the SEC will have until May 6 to file a reply brief (originally scheduled for April 29). This final brief allows the SEC to address the arguments presented by Ripple and reiterate its stance on the appropriate penalty for the alleged securities violations.

Read Also: Pro-XRP John Deaton Shares Likely Timeline For Ripple-SEC Case Final Judgement

Potential Penalty Range and Next Steps

According to the lawsuit, the total value of XRP sold by Ripple to institutional clients was $770 million. However, experts hold varying opinions regarding the fine Ripple could face. While prominent lawyer John Deaton revealed in November that the SEC could not get $770 million from Ripple, crypto analyst Zach Rector suggests a figure up to $3 billion.

Once the remedies briefing phase concludes, the court will deliberate on the presented arguments and issue a verdict. This verdict will determine whether Ripple is liable for violating securities laws and, if so, specify the exact financial penalty.

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