As an experienced financial analyst following the crypto space closely, I find the latest developments in the Ripple versus SEC trial intriguing. The new scheduling order by Judge Sarah Netburn indicates that we may see some progress in the case soon, with the SEC’s response to Ripple’s motions expected by late April.
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?
As an analyst, I’ve been closely following the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC). Last week, we reached the trial phase of this dispute, which has been a highly anticipated event for many industry insiders. While it’s difficult to predict the outcome with certainty, there are hopes that either a resolution or a mutually beneficial agreement might be reached 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 most recent development in the case is noteworthy, given Netburn’s recent appointment as District Judge in the Southern District of New York. Her past favorable inclinations towards Ripple’s native token XRP have left the XRP community optimistic about a potential victory for the company in court.
“The judge expressed in 2021, as per attorney Jeremy Hogan’s account, that my comprehension of XRP is grounded in the fact that it holds both monetary worth and functional benefits, which sets it apart from bitcoin and ethereum.”
The Possible Scenarios
Recently, Hogan proposed that the lawsuit could potentially be concluded this summer, imagining a $100 million compensation.
The judge is expected to rule against requiring Ripple to return any profits, but as a compromise, he may impose a fine of $100 million on them instead, in favor of the SEC.
In the past, the SEC had proposed a $2 billion penalty against Ripple for alleged XRP sales infringements. However, Ripple contended that their native cryptocurrency shouldn’t be deemed a security and therefore, the SEC’s authority wouldn’t apply. The company’s top legal officer, Stuart Alderoty, presented compelling reasons as to why the fine should not exceed $10 million.
If you’re intrigued by the ongoing legal dispute and its possible implications for XRP and the broader crypto market, be sure to watch our informative video on the topic below.
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2024-04-26 14:04