Ripple vs SEC Lawsuit Update: Court Issues New Order, Next Step?
The post Ripple vs SEC Lawsuit Update: Court Issues New Order, Next Step? appeared on BitcoinEthereumNews.com.
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 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…
Filed under: News - @ October 25, 2023 11:14 am