Ripple vs. SEC: New Briefing Deadlines Set the Stage for Next Legal Showdown
The post Ripple vs. SEC: New Briefing Deadlines Set the Stage for Next Legal Showdown appeared first on Coinpedia Fintech News
A legal tug-of-war between Ripple and SEC has entered a critical phase with the announcement of revised deadlines for remedies briefing, marking a significant development in their ongoing confrontation. Attorney James K. Filan provided insights into the updated schedule, revealing that the SEC’s opening brief is now due on March 22, followed by Ripple’s opposition brief on April 22, and the SEC’s reply brief on May 6. This revised timeline underscores the complexity and intensity of the legal proceedings as both parties navigate through a series of deadline extensions.
Extension Call in Ripple vs SEC, What Next?
The backdrop to these events includes Ripple’s previous request for an extension of remedies-related discovery, which was granted in February. This request came after an ongoing dispute over post-complaint discovery, which was resolved in the SEC’s favor by Judge Sarah Netburn. As a result, Ripple faced a tight deadline to piles of documents within a one-week window. However, the extension was ultimately granted, allowing Ripple additional time to gather relevant information.
Following Ripple’s extension, the SEC, represented by Jorge G. Tenreiro, submitted a letter motion to Judge Analisa Torres seeking a further extension for remedies-related briefing. This extension was requested to accommodate the time needed to review recently produced documents and finalize the remedies-related briefing.
Moreover, the SEC’s motion for an extension of time was granted in early March, signaling a continuation of the legal proceedings with both parties striving to meet their respective obligations within the confines of the court’s schedule.
Legal Analysis by Experts
According to lawyer Bill Morgan, the SEC’s understanding of investment contracts concerning crypto assets is flawed. Plus, John Deaton, emphasized that the SEC cannot contest XRP’s non-security status as determined by Judge Torres. Following these submissions, Judge Torres may assess the SEC’s arguments regarding penalties for XRP sales to institutional investors post-complaint under Section 5 of the US Securities Act.
XRP Sailing on Tight Rope
XRP experienced a slight price decline, falling over 2% to $0.68, with a decrease in trading volume by 40% in the last 24 hours. Despite this, optimism remains among market participants, who foresee a potential price surge to $2 this year, pending the final judgment of the ongoing SEC lawsuit. Deribit options data indicates growing confidence, with traders opening calls for $0.9, reflecting anticipation for future price movements amid recent XRP rallies.
Overall, these latest deadlines highlight the complex nature of the legal battle between Ripple and the SEC, underscoring the significance of deadlines and procedural requirements in determining the case’s outcome. As the market prepares for a bull run, Ripple and XRP are encircled by negative speculation. Resolving this epic case is the most pressing issue.
Filed under: Bitcoin - @ March 14, 2024 8:20 am