New Date To Determine the Next Phase
A pro-XRP legal expert, James K. Filan, has revealed an important date in the legal battle between Ripple and the SEC. The next phase of the case will be determined on November 9, 2023. Filan shared this information on Twitter, emphasizing the significance of this date in the SEC vs. Ripple case.
The letter sent to Judge Analisa Torres states that both parties are required to meet on November 9 to discuss the potential briefing schedule for the pending issue in the case. The focus will be on finding appropriate remedies for Ripple’s alleged Section 5 violations related to its institutional sales of XRP.
This meeting is a crucial juncture for Ripple as it has already spent $200 million defending itself against the SEC. The SEC’s request for reparations up to $700 million will further strain the crypto firm. The outcome of this meeting could have a significant impact on Ripple, XRP, and the cryptocurrency industry as a whole, setting a precedent for how cryptocurrencies are handled in the United States.
John E. Deaton On The Settlement Between The SEC And Ripple
John E. Deaton has expressed his disbelief in a settlement between the SEC and Ripple. He stated that there have been no serious conversations about a settlement between Ripple, its CEO, founder, and the SEC.
This ongoing legal battle has seen setbacks for the SEC, including the dismissal of its case against Ripple Labs’ CEO Brad Garlinghouse and founder Chris Larsen. As the penalty phase approaches, there is anticipation for a fierce battle over the amount of the fine Ripple will have to pay.
Hot Take: Uncertainty Surrounds Ripple-SEC Case
The upcoming meeting on November 9 holds great importance for Ripple and the cryptocurrency industry. The outcome of this meeting will determine the next phase of the legal battle between Ripple and the SEC, impacting Ripple’s future and potentially setting a precedent for other cryptocurrencies in the US. As both parties prepare to discuss remedies for Ripple’s alleged violations, there is uncertainty surrounding the case’s outcome. The crypto community awaits further developments and expects a fierce battle over the penalty that Ripple will have to pay. The settlement remains unlikely at this point, according to legal expert John E. Deaton.
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