Ripple vs SEC Heats Up: Key Deadlines Set for Remedies Phase in XRP Lawsuit

March 22, 2024, marks a crucial moment in the ongoing legal duel between the Securities and Exchange Commission (SEC) and Ripple Leading the charge is defense attorney James K. Filan, shedding light on looming deadlines that will shape the course of this legal drama.

The stage is set for a gripping legal showdown.

Ripple’s Remedy Roadmap

The SEC and Ripple are preparing to present their opening briefs on proposed remedies, injecting fresh energy into the already intense courtroom drama. Filan emphasizes the urgency of upcoming deadlines, with Ripple’s rebuttal due by April 22, followed by the SEC’s response on May 6.

XRP, Ripple’s digital asset, experiences a tumultuous ride—its trading volume surges while a 5.6% dip in the last 24 hours mirrors the broader descent of the crypto market.

To address confidentiality concerns surrounding the impending briefing, both parties propose a sealing strategy. This aims to balance transparency and discretion, ensuring access to critical briefs while protecting sensitive information.

Read More: Ripple News: XRP Declared Not a Security, But Regulatory Challenges Remain

The Proposed Protocol

A structured timeline outlines the dance of filings and redactions:

• March 22, 2024: SEC unveils its opening remedies-related brief under seal.
• March 25, 2024: Parties identify necessary redactions.
• March 26, 2024: SEC releases a public, redacted version of the brief.
• April 22, 2024: Ripple unveils its public, redacted opposition brief, unless confidential.
• May 6, 2024: SEC delivers its reply brief under seal.
• May 8, 2024: SEC releases a public, redacted reply brief.

This timeline allows for motions and redaction proposals, culminating in the mandatory filing of public, redacted versions.

The Story So Far…

The SEC received an extension to analyze Ripple’s recent financial statements, delaying its opening brief submission on March 13th. This delay allows the SEC to strengthen its case with updated financial data, potentially advocating for a significant penalty.

Ripple will have until April 22 to submit its opposition brief, countering the SEC’s claims. The SEC will then have until May 6 to file a reply brief, reiterating its stance on the alleged securities violations.

Market Response: XRP’s Price Movement

In response to market movements, XRP’s trading volume has surged by 138% amid the market downturn, reaching $3.96 billion. Investors speculate on reasons behind the surge, while XRP’s golden cross pattern sparks optimism.

However, caution is advised as XRP’s price dips to $0.582 after hitting highs, down 4.59% in 24 hours. Investors should remain watchful for potential weakness if the price falls below $0.57.