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HomeCrypto NewsMarketTop Legal Experts React as SEC v. Ripple Lawsuit Takes Latest Development

Top Legal Experts React as SEC v. Ripple Lawsuit Takes Latest Development


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The SEC and Ripple have submitted a joint proposal for the next lawsuit phase, with pro-XRP lawyers reacting to the development.

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The United States Securities and Exchange Commission (SEC) and Ripple Labs have jointly submitted a letter to Judge Analisa Torres, proposing a schedule for the remedies briefing and discovery in their ongoing legal tussle.

The proposal indicates the timeline for the discovery phase of the remedies. According to the letter shared by seasoned legal expert James K. Filan, the parties agreed that the discovery would include facts that took place before the SEC charged Ripple with violating securities law.

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Proposed Schedule for Upcoming Remedies Stage

Notably, the SEC proposed a schedule of 90 days from the court’s entry of a scheduling order to conduct the remedies-related discovery. The SEC also seeks facts relating to events that occurred after it officially charged Ripple in December 2020.

Ripple reserves the right to file opposition to the SEC’s post-complaint discoveries and may request an extension of the discovery deadline.

Furthermore, the parties agreed that Ripple should be given 45 days from the court’s entry of a scheduling order to serve a superseding report by Anthony Bracco. For clarity, Bracco, as of last year, testified about the remedies stage of the case.

After Ripple offers the superseding report by Bracco, the SEC may depose the expert within 90 days from the entry of the scheduling order.

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Accordingly, the SEC and Ripple reserve the right to issue rebuttal reports regarding the expert’s deposition. In addition, the parties will only serve third-party discovery following the court’s approval.

“The SEC may file its brief with respect to remedies at any time, but no later than 30 days after the remedies discovery period. Ripple shall file its opposition 30 days thereafter, and the SEC [can file] its reply 15 days thereafter,” the letter read.

Top Legal Experts React

The recent update in the Ripple case attracted the attention of pro-XRP lawyers. Reacting, Attorney Fred Rispoli said the tone of the letter suggests that the case is close to a resolution.


Additionally, Attorney Jeremy Hogan, highlighted an interesting aspect of the legal tussle. Per Hogan, nothing is at stake other than the sovereign rights of other countries where Ripple also sold XRP to institutional clients. 

The lawyer suggested that these countries could file amicus briefs in the lawsuit if the SEC decides to expand its jurisdiction. 

Furthermore, Australia-based pro-XRP lawyer Bill Morgan predicted how long the remedies stage of the Ripple lawsuit could take, given the recently submitted joint scheduling order. Attorney Morgan speculated that the scheduling shows the remedies stage could linger until May 2024, a month after Bitcoin Halving.

Potential Fines 

It is worth mentioning that the proposed scheduling order relates to the upcoming remedies phase of the lawsuit. The proceeding will determine the appropriate fine Ripple may face for violating securities law through its past institutional sales of XRP, worth $770 million. 

While the SEC seeks the entire $770M as penalties, Ripple could attempt to reduce the amount. Top legal experts, including Attorney John Deaton, believe that the blockchain company will try to exempt its legitimate business expenses and institutional-related XRP sales that took place outside the United States. 

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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