Ripple XRP Lawsuit Update: Here Are Key Dates On The Horizon

Ripple XRP lawsuit with the Gary-Gensler-led United States Securities and Exchange Commission (SEC) that has lasted for over three years has reached an advanced level as they have now moved to the remedies stage.

Ripple XRP Lawsuit: April 29 is Key Pivotal Date

Several observers are expecting a resolution or even a mutual agreement that will mark the end of the lawsuit. 

According to American attorney James K. Filan, Magistrate Judge Sarah Netburn who was recently nominated to serve as the District Judge for the South District of New York, issued a scheduling order in the ongoing legal battle. 

The scheduling order in question was in place of Ripple’s request to dismiss the SEC’s recent expert submissions. 

It is worth acknowledging that the submission could strengthen the SEC’s case for remedies and a final judgment. 

Consequently, the judge approved an extension till April 29, 2024 for the SEC to give a rebuttal to Ripple’s motion, and three business days for the crypto payment platform to reply.

$100M or $2B Settlement for SEC?

Judge Netburn has allegedly displayed a favorable stance towards Ripple in the course of the case, giving the crypto firm and its supporters hope that the lawsuit would go in favor of the firm. 

At the moment, there are varying opinions as to what direction the lawsuit could end; some in favor of the securities regulator and others in support of Ripple.

Attorney Jeremy Hogan strongly believes that the Ripple XRP lawsuit will see an end this summer but not without a $100 million settlement from Ripple. The attorney’s proposed settlement is a far-cry from the $2 billion penalty that the SEC previously requested for. Precisely, the regulator asked Ripple to pay $876,308,712 in disgorgement and $198,150,940 in prejudgment interest.

When the SEC made this outrageous demand, Hogan was one of those who criticized the actions of the Commission. He noted that the demand of the regulator is inconsistent with its mission to safeguard the investors. 

Ripple’s CLO Stuart Alderoty, also stated that the penalty should be no more than $10 million, which the company agreed to pay for violation of Section 5 of the Securities Act of 1933 for offering XRP under institutional investment contracts.