The Ripple Vs SEC speculation story is still on, with uncertainty surrounding the XRP lawsuit. In 2020, the U.S. Securities and Exchange Commission (SEC) alleged that Ripple raised more than $1.3 billion in 2013 by selling XRP in an unregistered security offering to investors.
As the legal battle nears its end, recently the agency has asked a New York judge to impose a nearly $2 billion fine against Ripple Labs. Through all this, April could be a game-changer for the Ripple Vs SEC case.
The Timeline for Ripple Vs SEC
In a notable development, Ripple Labs and the U.S. Securities and Exchange Commission engaged in settlement discussions on March 29, aiming to resolve ongoing disputes before a crucial pre-trial conference scheduled for April.
The case took a new turn as the SEC requested an extension for document preparation. The request comes in as this legal dispute approaches a significant trial date set for April 23, 2024. Recently, the SEC filed its remedy-related opening brief on March 22 and a redacted version on March 26.
Ripple is expected to file a remedy-related opposition brief by April 22 and a redacted version by April 24. The SEC must reply by May 6 and judge Analisa Torres will decide the penalty for Ripple.
The SEC’s plea for more time to push its deadline from March 13 to March 22 for filing its brief on remedies, and Ripple’s shift in deadline from April 12 to April 22, highlights the complexities and the diligent nature of legal proceedings in financial regulation and cryptocurrency law.
This development is particularly important as it covers the SEC’s commitment to thoroughly reviewing necessary data and finalizing its stance, a development that Ripple has agreed to, demonstrating a rare moment of concord in this protracted legal tussle.
The recent settlement conference, by Ripple CEO Brad Garlinghouse and Alderoty in Manhattan, sought to address these issues ahead of the final pre-trial conference set by Judge Analisa Torres for April 16.
Experts on Ripple Vs SEC
Ashley Prosper recently mentioned that the applications for resolutions in the case will conclude on April 29, 2024. She mentioned that the Judge will make a final decision after this date.
XRP is currently priced at $0.56 and a bull run is expected during the bitcoin halving scheduled in April. The price of Ripple’s XRP in 2024 passed through the tempest throughout the year’s first quarter, eventually finishing at the same level where it started the journey, $0.61. The popular X user EGRAG CRYPTO predicted there are two possible scenarios for the following months, a surge above $0.75 or a dip under $0.44.
As the April 16 pretrial conference approaches, both parties are preparing for a confrontation that could decisively shape the future of cryptocurrency regulation and enforcement in the country.
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