XRP Fans Await Resolution in SEC vs. Ripple Lawsuit
Speculation continues among XRP enthusiasts as to whether the Securities and Exchange Commission (SEC) case against Ripple will be settled or dismissed. Judge Analisa Torres, who is overseeing the lawsuit, has instructed both parties to propose a joint briefing schedule for the remedies phase. This phase will determine the appropriate penalties for Ripple Labs’ violation of federal securities laws through its sales of XRP to institutional clients.
Both parties have until November 9, 2023, to jointly propose a briefing schedule for remedies or request that the court set one. The court has also granted the SEC’s request to adjourn the trial against Ripple executives Brad Garlinghouse and Chris Larsen. The trial conference and dates have been indefinitely postponed, indicating further adjustments in the legal proceedings.
The Debate Over Penalties
A central issue in the lawsuit is the potential penalties that Ripple may face. With institutional XRP sales totaling around $770 million, legal experts have raised questions about the amount Ripple might be required to pay as restitution.
Ripple supporters are eagerly awaiting the November 9 deadline, which is reflected in on-chain metrics. More individuals are participating in Ripple futures and options as the date approaches. In early September, this activity was at its lowest point in eight months at $374 million but has since increased by 48.4% to $555 million.
Crypto Experts Weigh In
Notable voices in the crypto community have offered their perspectives on the upcoming penalty phase of the SEC vs. Ripple lawsuit. John Deaton, a pro-XRP lawyer, pointed to the LBRY lawsuit as a precedent where initial demands significantly differed from final penalties.
On the other hand, Fox Business journalist Eleanor Terrett predicts a challenging battle in the penalty phase. Ripple may seek to reduce the penalty, but the SEC is expected to pursue a substantial amount to assert its authority.
The remedies briefing phase and subsequent penalty phase will play a crucial role in the ongoing legal battle between the SEC and Ripple. The outcome of this lawsuit will be closely watched within the cryptocurrency community. Meanwhile, XRP’s price must maintain its recent bullishness for the surge to continue. As of now, Ripple native tokens are priced at $0.561, experiencing a 15.1% increase in the past week.
Hot Take: Uncertainty Remains as XRP Fans Await Next Steps
The SEC vs. Ripple lawsuit has generated much anticipation among XRP enthusiasts who eagerly await resolution. The upcoming remedies briefing phase and subsequent penalty phase will have significant implications for Ripple Labs and its violations of federal securities laws. While legal experts debate the potential penalties that Ripple may face, supporters remain hopeful that the outcome will favor the cryptocurrency company.
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