In the legal battle between Ripple Labs Inc. and the SEC, talks about settling the case are changing. Judge Analisa Torres has set new dates for both parties to finish gathering information for their case.
Judge Torres, following the parties’ schedules, set February 12, 2024, as the deadline for both Ripple Labs Inc. and the SEC to finish gathering information related to remedies in the legal case. The SEC has until March 13, 2024, to submit its brief outlining the remedies it is seeking. Ripple Labs can then file its response, if needed, by April 12, 2024.
#XRPCommunity #SECGov v. #Ripple #XRP Judge Torres has set the schedule regarding remedies discovery and briefing. pic.twitter.com/Vvc8wPVWlT
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) November 13, 2023
Upcoming Steps in Ripple vs. SEC Case: SEC’s Final Reply and Damages Details
Before Judge Torres makes any decisions on remedies, the SEC gets one more chance to respond to Ripple’s opposition, and this must be completed by April 24, 2024.
As shared on social media, the SEC is pursuing approximately $770 million in damages from Ripple Labs. This relates to the part of the ruling on July 13, where Judge Torres found Ripple guilty of violating federal securities laws for selling XRP to institutional investors.
Anticipated Tough Settlement Talks: Ripple vs. SEC
As predicted by leading crypto lawyers, the ongoing settlement discussions between Ripple Labs and the SEC are expected to be challenging.
Analysts generally agree that Ripple will likely settle with the SEC. However, attorney John Deaton, representing XRP holders, consistently emphasizes that the settlement amount Ripple pays should be significantly less than what the regulator is demanding.
Deaton sees a settlement fee of $20 million or less as a substantial victory for Ripple, marking a 99.9% success for the payments company. This modest sum would align with Ripple’s prior achievements, including the classification of XRP as a non-security and the dismissal of charges against the company’s executives.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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