As the long-standing lawsuit between Ripple and the SEC enters its final stages, here are the key dates to mark on your calendar in the coming months.
Ripple’s grueling lawsuit with the United States Securities and Exchange Commission (SEC) is now entering its fourth year. Filed by the SEC in December 2020, the lawsuit alleged that XRP is a security under U.S. laws and accused Ripple founders Brad Garlinghouse and Chris Larsen of violating securities law.
Fast forward to the present, Ripple has scored significant wins. First, a U.S. District Court ruled and upheld a decision that XRP traded by everyday investors in blind bid-ask transactions did not constitute securities transactions. That crucial ruling in July led to the relisting of XRP on multiple exchanges and caused the cryptocurrency to set a new yearly high.
Further, in a surprising turn of events in October, the SEC pulled out of its pending lawsuits against Brad Garlinghouse and Chris Larsen. Throwing in the towel on that front raised hopes that the regulator would eventually pursue a settlement with Ripple in the coming months.
However, such a settlement may take a while to arrive, with the court’s July ruling also affirming that direct sales of XRP by Ripple to institutional investors may qualify as securities transactions. The subject will be at the center of attention and form the basis for both parties to reach a resolution.
As the case drags on, court documents reveal crucial dates for XRP holders to watch out for in the first quarter of 2024.
Important Upcoming Dates for Ripple vs. SEC
After some time out, the first key date to keep an eye on is February 12, 2024. This is the date deadline provided by the court for both parties to complete remedies-related discovery. This process would have allowed Ripple and the SEC to share possible remedies and solutions to resolving the ongoing dispute.
#Ripple #JUST2MoreMonths to go!!
The Ripple vs SEC lawsuit is hoping to conclude in 2024, but what are the key dates to mark in your calendar? Here's a breakdown:
-12th Feb 2024: Remedies briefing begins
-13th March 2024: SEC files remedies brief
-12th April 2024: Ripple… pic.twitter.com/it1au1lagJ— Flip The Chain (@flipthechain) December 16, 2023
The SEC is expected to file its remedies brief on March 13, 2024, while Ripple submits its opposition on April 12, 2024. Afterward, the SEC will have until April 29, 2024, to reply to whatever opposition Ripple brings.
Successful completion of this phase of the legal process potentially opens the door for Ripple and the SEC to bring the lawsuit to a climax. With Ripple’s legal team also anticipating a settlement in 2024, such an outcome is more likely than probable.
Meanwhile, the potential impact of a full settlement between Ripple and SEC on the price of XRP remains a hotly speculated topic. Only time will reveal how cryptocurrency’s price will react to such a landmark development.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
