In the ongoing legal battle between Ripple and the SEC, a significant development has emerged with the announcement of revised deadlines for remedies briefing. This marks a critical juncture in their confrontation.
Legal expert James K. Filan sheds light on the updated schedule: the SEC’s opening brief is now due on March 22, Ripple’s opposition brief on April 22, and the SEC’s reply brief on May 6. These new deadlines highlight the complexity of the legal proceedings as both sides navigate through extensions.
Ripple had previously requested an extension for remedies-related discovery, granted in February after a dispute over post-complaint discovery ruled in the SEC’s favor by Judge Sarah Netburn. This extension allowed Ripple more time to gather necessary information.
Following Ripple’s extension, the SEC, represented by Jorge G. Tenreiro, sought another extension for remedies-related briefing. This was granted in early March, indicating the continuation of legal proceedings as both parties work within the court’s schedule.
Legal experts like Bill Morgan argue that the SEC’s understanding of investment contracts concerning crypto assets is flawed. Additionally, John Deaton emphasizes that XRP’s non-security status, as determined by Judge Torres, cannot be contested by the SEC. Judge Torres will now assess the SEC’s arguments regarding penalties for XRP sales post-complaint under Section 5 of the US Securities Act.
Also Read: Ripple on the Rise? Crypto Analyst Bullish on XRP Price Despite Lag
XRP experienced a slight price decline, falling over 2% to $0.68, with a decrease in trading volume by 40% in the last 24 hours. Despite this, market participants remain optimistic, foreseeing a potential price surge to $2 pending the final judgment of the ongoing SEC lawsuit. Deribit options data indicates growing confidence among traders.
The revised deadlines underscore the complexity of the legal battle between Ripple and the SEC. As the market anticipates potential price movements, resolving this case remains a top priority.
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