Ripple vs SEC: Here Are Key Dates That To Watch Which Will Change the Course of This Trail

The post Ripple vs SEC: Here Are Key Dates That To Watch Which Will Change the Course of This Trail appeared first on Coinpedia Fintech News

The longstanding legal battle between Ripple and the United States Securities and Exchange Commission (SEC) is intensifying as the much-anticipated trial date of April 23, 2024, looms. 

Last year, Judge Analisa Torres set some deadlines that the SEC needs to share its remedies plan by March 13, and Ripple has to respond by April 12. Now, here’s the recent twist: just last week, the SEC requested a one-week extension to finalize the upcoming briefings related to remedies.

Key Dates To Watch

According to a coinpedia report, last week the SEC petitioned for an extension, pushing its deadline to March 22. Simultaneously, Ripple’s deadline to submit its opposition brief was also proposed to be extended to April 22, 2024. 

Meanwhile, the SEC’s reply brief deadline, initially set for April 29, was extended to May 6, 2024. Notably, Ripple consented to the SEC’s request for an extension.

The SEC justified its extension request, citing the need for additional time to review the newly provided Ripple financial statement covering 2022 and 2023 to finalize remedies-related briefings.

This is not the first instance of such extensions; previously, Ripple received an 8-day extension to submit crucial documents during the remedies-related discovery phase.

Crucial Phase: Remedies Briefing

Meanwhile, the remedies briefing phase is vital as it decides the penalty Ripple will face for allegedly breaching federal securities laws by selling $770 million worth of XRP to institutional clients. 

If convicted guilty, the looming question remains about the penalty the court will impose on Ripple. Experts, like Attorney John Deaton, predict that it won’t pay more than the $150 million they’ve already spent on legal defense. Ripple’s financial commitment is a key factor that could set a precedent for similar situations in the cryptocurrency industry.

XRP Price Outlook

Amidst the legal drama, XRP’s price stands at $0.59 showing a 6% surge in the past 24 hours, reaching almost $0.60. Coinciding with these events, analysts foresee a positive future for XRP, with some even suggesting a potential rise to $27.

As the crypto community watches closely, the outcomes of these key dates will undoubtedly shape the future landscape of crypto regulations