Judge Sets Deadline for Ripple SEC Case
In the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), Judge Analisa Torres has issued an order giving both parties until November 9, 2023, to propose a briefing schedule for the appropriate remedies against Ripple for its alleged violations in selling XRP to institutional investors. This order sets the next steps in the litigation process.
Dismissal of Claims Against Individual Defendants
The SEC has also notified the court of its decision to dismiss its claims against Christian Larsen and Bradley Garlinghouse, effectively canceling the trial scheduled for those claims. The dismissal has been filed with prejudice, meaning there is no need to reschedule the trial. The previously arranged schedules have been adjourned indefinitely.
Penalties and Fine Determination
As the lawsuit progresses, the focus now shifts to determining the penalties and fines against Ripple Labs. The SEC alleges that Ripple sold over $770 million worth of XRP to institutional clients globally. The court has already deemed these transactions as investment contracts. It is speculated that the potential fine could reach $770 million, but legal experts argue that it may be significantly reduced during the penalty phase.
XRP Price Breakout
XRP is currently trading at $0.5510, breaking out of its trading range after more than two months. If it manages to close above $0.55, it could trigger new bullish momentum.
Hot Take: SEC and Ripple Brace for Fierce Battle Over Fine Amount
As the penalty phase approaches, there is anticipation for a fierce contest between the SEC and Ripple over the amount of the fine. While Ripple will push for a reduced penalty, the SEC is expected to advocate for a substantial sum to make a statement. The outcome of this battle will have significant implications for both Ripple and the broader cryptocurrency industry.
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