Ripple v. SEC Lawsuit Update: The Next Key Dates to Wait for
TL;DR
- The trial between Ripple and the SEC has advanced, with Ripple set to respond to SEC motions by early May following a new scheduling order by Judge Sarah Netburn.
- Attorney Jeremy Hogan anticipates a potential summer conclusion to the lawsuit, with the company possibly facing a $100 million settlement.
What’s Coming Next?
The legal dispute between Ripple and the US Securities and Exchange Commission (SEC) entered into its trial phase last week, with numerous industry participants expecting a resolution or a mutual agreement in the near future.
Most recently, American attorney James K. Filan revealed that Magistrate Judge Sarah Netburn has entered a new scheduling order. The action is focused on the motion for remedies and entry of final judgment. Judge Netburn ruled that the regulator should file its response by April 29, whereas Ripple is granted three business days thereafter to reply.
The latest action on the case follows Netburn’s recent nomination as District Judge in the Southern District of New York. She has previously shown a rather favorable stance toward Ripple’s native token, giving the XRP army hope that a decisive court win for the company might be on the horizon.
“My understanding about XRP is that not only does it have a currency value, but it has a utility, and that utility distinguishes it from bitcoin and ether,” the judge said in 2021 (according to attorney Jeremy Hogan).
The Possible Scenarios
Hogan recently suggested that the lawsuit might be officially closed sometime this summer, envisioning a $100 million settlement:
“I’m saying that the Judge will order 0 disgorgement but throws the SEC a bone and orders Ripple to pay a $100 million penalty.”
Previously, the SEC sought a $2 billion fine on the firm, alleging certain XRP sales violations. For its part, Ripple argued that its native cryptocurrency should not be classified as a security and, thus, not fall under the agency’s jurisdiction. The company’s chief legal officer, Stuart Alderoty, outlined several important reasons why the penalty should be no more than $10 million.
If you are curious to learn more about the legal spat and its potential impact on XRP and the entire cryptocurrency market, feel free to check our dedicated video below:
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