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- Ripple and the SEC have submitted schedules to New York judge Analisa Torres, with both parties permitting all events prior to the SEC lawsuit as discovery in the case.
- The SEC has requested a 90-day to conduct discoveries in relation to remedies, a submission Ripple hasn’t contested.
The landmark legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs has taken a new step, with both parties proposing a schedule for remedies discovery and briefing.
The two entities filed the lawsuit before Judge Analisa Torres of the Southern District of New York on November 9.
#XRPCommunity #SECGov v. #Ripple #XRP The parties have submitted to Judge Torres a proposed schedule regarding remedies discovery and briefing. pic.twitter.com/7OyVTnTeyc
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) November 9, 2023
“The parties agree that permissible discovery will include facts occurring in the period before the filing of the SEC’s Complaint. The SEC proposes 90 days from the entry of a scheduling order by the Court to conduct remedies-related discovery,” part of the filing stated.
Ripple consented to the proposal, but only if it’s limited to pre-complaint discovery.
SEC and Ripple have been embroiled in a legal battle since December 2020 when the then-outgoing chairman Jay Clayton accused the company of securities violations for issuing XRP tokens. The two have valiantly fought it out in court, with Ripple notching a landmark victory in July when a judge ruled it didn’t violate securities laws by selling XRP on public exchanges.
The latest filing also brought up Anthony Bracco, Ripple’s expert witness who testified on the legal remedies of the case. After the entry of the scheduling order, Ripple will have 45 days to serve a superseding version of Bracco’s report to the regulator.
The SEC can then serve its rebuttal expert or submit the declaration of summary witness to refute the report.
“The parties agree that this discovery shall not be served on third parties in the first instance but reserve the right to seek leave from the court to serve third-party discovery requests. Both parties also reserve the right to oppose any such requests,” adds the filling, which was submitted by Jorge Tenreiro.
Legal Experts Believe the Ripple-SEC Case Is Nearing Completion
The latest filing does not reveal much in terms of new details or strategies about the high-profile legal showdown. However, according to legal experts, it indicates that the two entities are nearing the summit and are trying to find the best way forward.
“This is all tea leaf reading, but to me this letter does not have the acerbic tone of most of the previous ones. The parties even agreed on some things! I continue to believe this case is closer to resolution than SEC is projecting,” says Fred Rispoli, the lawyer behind HODL Law, a decentralized justice project.
Attorney Jeremy Hogan believes that all the filing does is bring to the fore the question on “the sovereign rights of foreign countries.”
This will be interesting as nothing less is at stake than the sovereign rights of foreign countries.
The U.S. Supreme Court says that Ripple's sales must've been "in the U.S." or at least on a U.S. exchange. How is the SEC's expert going to get around that? https://t.co/k3WJYui2YK pic.twitter.com/71yLHqDHVJ
— Jeremy Hogan (@attorneyjeremy1) November 9, 2023
