Mark Your Calendar: What Comes Next in the Ripple VS SEC Legal Battle?
The SEC won a recent ruling against Ripple in their legal fight over XRP's status as a security. On February 20, Ripple must provide its financial documents to the SEC.
This date marks the next important event in the long-running lawsuit between the crypto payments firm and the securities regulator.
Ripple Must Submit Financial Disclosures to the U.S. SEC by February 20According to famous lawyer Jame Filan, February 20, 2024, is the next crucial date in Ripple's legal fight against the SEC.
#XRPCommunity #SECGov v. #Ripple #XRP @Ripple requests a one-week extension of the deadline for remedies-related discovery, from February 12, 2024 to February 20, 2024. pic.twitter.com/xjIZQuY7jQ
- James K. Filan
(@FilanLaw) February 6, 2024
On this upcoming date, XRP is expected to provide its records of financial statements and also answer questions from the SEC. The document Ripple must provide will help the SEC understand how Ripple uses XRP inside their company.
Specifically, the SEC wants XRP to provide its official financial records for 2022 and 2023. Further, the SEC requested the contracts made after the complaint about selling XRP to big organizations.
In addition, they also want to know the exact amount Ripple made from the sales of XRP to these buyers after the first complaint.
Initially, Ripple refused to provide these financial records. However, Judge Sarah Netburn granted the SEC's motion to compel discovery. Note that the Judge ordered Ripple to produce the information materials by the end of remedies discovery on February 12.
#XRPCommunity #SECGov v. #Ripple #XRP Magistrate Judge Netburn has granted the @SECGov's Motion to Compel in its entirety. pic.twitter.com/QrFZjGbUNN
- James K. Filan
Shortly after, XRP requested a one-week extension to February 20, which the Court accepted. These documents might be helpful in the SEC's claims against Ripple. But XRP might contend that the numbers show that XRP functions like regular money.
Ripple V SEC Case Might End this Year, Except There Are Any AppealsApart from the February 20 discovery deadline, the following significant dates in Ripple's case, based on Judge Torres's schedule, fall between March 13 and April 29, 2024.
#XRPCommunity #SECGov v. #Ripple #XRP Judge Torres has set the schedule regarding remedies discovery and briefing. pic.twitter.com/Vvc8wPVWlT
- James K. Filan
During this period, both XRP and the SEC will file a motion explaining the appropriate punishment for XRP. Whenthe remedies briefings finish, the Court will pronounce the penalties against Ripple for securities violations.
Ripple's CTO David Schwartz thinks the Court might finish the case this year. The technical officer believes it could happen after the Court decides on the punishments.
There is some reasonable chance that the lawsuit could be resolved in 2024,
He said.
However, if either side decides to file an appeal, the case could continue until 2025 or 2026. So, if the SEC doesn't accept the Court's penalties on Ripple, it can still take its arguments to the Second Circuit Appeals Court.
Likewise, XRP might appeal if the penalties seem too harsh on them.
Notably, XRP's lawyer, John Deaton, recently saidthat the penalty fee would be around $10 million to $100 million on a YouTube session. If that's the case, the next turn of the case will be determined by Ripple's reaction to the penalty.
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