Ripple Lawsuit Progresses with Scheduled Remedies Discovery
United States District Judge Analisa Torres has set dates for remedies discovery and briefing in the lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple. This court filing was in response to the letter sent by the US SEC on November 9, dismissing its case against Ripple’s top executives.
Judge Torres has officially signed the order for the remedies discovery and briefing and has scheduled the first court appearance on February 12, 2024. The two parties are expected to complete all remedies-related discoveries on this date. Following this, the plaintiff will file its brief in accordance with the remedies on March 13, while XRP, the defendant, will file its opposition on April 12. The court case will then move on to April 29 where the Plaintiff would be allowed to file a response to the defendant’s opposition.
The courts are aiming to put an end to the legal battle between the US SEC and XRP that has dragged on for years. The XRP community and the broader crypto space are presently looking forward to the results of the court case regarding the remedies and discovery briefing next year.
Court Case Sparks Continuous Debate
The case between XRP and the US SEC has sparked several discussions and debates on X (formerly Twitter). An Australian-based lawyer and digital asset enthusiast, Bill Morgan, expressed his opinion of the Ripple vs SEC case in a series of posts on X. Arguing with several Bitcoin Maxis and critics, Morgan revealed that Judge Analisa Torres may have given the XRP community a significant advantage against Bitcoin Maxis by examining the XRP token under the Howey test.
The series of discussions started after an X account, ScamDaddy, had stated that Judge Torres had not provided clarity on XRP’s identity as a commodity or security. Morgan went on to clarify this claim by highlighting the US District Judge’s ruling which stated that programmatic sales of XRP were not considered a security.
Hot Take
The Ripple lawsuit appears to be moving towards a resolution as Judge Torres has scheduled dates for remedies discovery and briefing. This marks a significant step in determining whether XRP is classified as a commodity or security. The ongoing debates within the crypto community further highlight how closely watched this case is and how it could potentially impact other digital assets besides Ripple.
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