Ripple XRP Lawsuit Update: Here Are Key Dates On The Horizon
Highlights
- Ripple and SEC lawsuit now closer to settlement
- April 29 is a key date on stakeholder's watchlist
- Settlement amount remains the biggest contention in the suit
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.
- LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus
- ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers
- USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure
- SEC to Decide on Six Spot XRP ETF Applications in October
- Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
