• The SEC vs. Ripple legal battle progresses with a set schedule for remedies briefing and discovery.
• Key dates to remember: Remedies briefing starts on Feb 12, 2024, and concludes with the SEC’s reply on Apr 29, 2024.

SEC vs. Ripple: Legal Battle Progresses with Remedies Phase Schedule

The ongoing legal tussle between Ripple Labs and the SEC has taken a significant step forward as the court unveils a schedule for the remedies briefing and discovery phase. In this article, we delve into the details of this crucial development that could shape Ripple’s future in the cryptocurrency landscape.

Remedies Brief and Discovery Schedule

US District Judge Analisa Torres has issued a court order dated November 13, 2023, outlining the timeline for the remedies phase of the SEC v. Ripple lawsuit. Here are the key dates to mark on your calendar:

1. February 12, 2024: Remedies briefing officially commences. This date signifies the initiation of the comprehensive examination of remedies related to the case.
2. March 13, 2024: The Securities and Exchange Commission (SEC) is set to file its remedies brief. This document will present the SEC’s stance on the appropriate remedies for the alleged violations.
3. April 12, 2024: Ripple Labs, the defendants in the case, must submit their opposition to the SEC’s motion. This step allows Ripple to contest the SEC’s proposed remedies.
4. April 29, 2024: The SEC will file its reply to Ripple’s opposition, concluding the remedies phase and setting the stage for the next legal proceedings.

Parties Propose Schedule for Remedies Stage

This development follows a review of the proposed remedies briefing and discovery schedule submitted by both parties. Notably, the SEC and Ripple jointly proposed a 90-day period to conduct all remedies-related discovery. The court accepted this proposal, aligning with the latest court order.

SEC v. Ripple Remedies

It is essential to understand that the remedies phase is the sole pending issue in the SEC v. Ripple case. This phase holds the key to determining the suitable remedies Ripple may face concerning its Section 5 violations related to the institutional sale of XRP.

In a significant ruling in July 2023, the court deemed Ripple’s institutional sales of XRP, valued at $770 million, as an investment contract. Consequently, Ripple potentially faces a fine of up to $770 million. The SEC aims to secure the full penalty, while Ripple will likely endeavor to reduce it by excluding legitimate business expenses.

The unfolding of events in this legal battle holds immense implications for both Ripple and the cryptocurrency industry at large.

XRP Price Dynamics

The XRP community is closely monitoring these developments, as they could significantly impact XRP’s price. If the lawsuit concludes favorably for Ripple, it may enhance XRP’s position in the cryptocurrency market. Conversely, an unfavorable outcome could lead to uncertainty and potential price fluctuations.

The XRP price has recently faced rejection at the $0.68 threshold, and experts are speculating about a potential 10% drop if the $0.59 support level is breached.