The long-running legal battle between Ripple and the United States Securities and Exchange Commission (SEC) is drawing nearer to a resolution, with the focus now shifting to remedies-related briefs.
In the latest development, the SEC has requested modifications to the briefing schedule, and Ripple has agreed. While awaiting the court’s decision, there are updated milestones in the case.
Read Also: XRP Lawsuit: Expert Highlights What Is Next For Ripple and the SEC
Potential New Deadlines
The SEC has requested more time to complete its opening brief about remedies. It seeks a nine-day extension, shifting the deadline to March 22nd, 2024.
Ripple has also asked to postpone their opposition brief deadline by ten days, now aligning with April 22nd, 2024. If the court approves, the SEC would have until May 6, 2024, to file its reply brief.
The remedies stage is highly significant. Here, the court will decide on penalties for Ripple’s past violation of federal securities laws when it sold $770 million worth of XRP to institutional investors.
Possible Penalties
Predicting the specific outcome is difficult. Some analysts, such as attorney John Deaton, believe Ripple may not face a penalty exceeding its legal costs, which CEO Brad Garlinghouse revealed last year at the DC Fintech Week to surpass $150 million.
However, the SEC aims to secure a more substantial financial consequence. It will likely leverage recently obtained information on Ripple’s post-complaint institutional sales to argue for a higher penalty.
Ripple has provided audited financial statements for 2022 and 2023, details on post-complaint contracts related to institutional sales, and data on proceeds from sales made since December 2020.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: XRP Lawsuit: SEC Scores Big Win Against Ripple in Latest Court Order
Crypto analyst Zach Rector, in a recent SEC v. Ripple case analysis on YouTube, offered some insight. He suggests that if post-complaint institutional sales of XRP are deemed securities, Ripple’s disgorgement liability could reach up to 3 billion dollars.
These dates, along with the upcoming remedies briefs, could offer a more straightforward timeline and insights into the potential penalties the court is considering. The Ripple vs. SEC case remains a pivotal event for the entire cryptocurrency industry, as the final verdict will shape how authorities approach digital asset regulation.
Follow us on Twitter, Facebook, Telegram, and Google News
