The US Securities and Exchange Commission (SEC) and Ripple have filed their joint briefing schedule for remedies discovery and briefing, which suggests that they are close to reaching a settlement.
Ripple Vs SEC: Highlights From The Letter Sent To The Court
In the letter to Judge Analisa Torres, the SEC mentioned that they had agreed to a “permissible discovery,” which will include facts about what went on in the crypto company before the SEC filed its complaint. This will help the SEC ascertain which of the company’s transactions violated securities laws.
The regulator noted that Ripple will have the right to oppose such discovery, of which it will now be left to the court to decide whether any of the discovery opposed is permissible.
The Remedy Phase Isn’t Going To Be Straightforward
This phase is going to be like a second case, involving depositions, interrogatories, requests, production of documents, and other relevant materials that both parties consider necessary.
On one hand, the SEC will be looking to get Ripple to pay millions of dollars as a fine for its violation of securities laws. On the other hand, Ripple will be looking to reduce this penalty sum as low as possible.
Hot Take
The recent filing by the SEC and Ripple regarding their joint briefing schedule for remedies discovery and briefing suggests that they may be close to reaching a settlement in their ongoing legal battle. Despite potential complications in the remedy phase, there is still optimism that both parties could agree on an out-of-court settlement.
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