The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has reached a crucial point, with the February 20th deadline marking the conclusion of the discovery phase focused on “remedies” related to XRP sales. This phase holds significant weight as it may reveal crucial information or arguments that could sway the court’s decision on the appropriate actions against Ripple.
Here’s the reality check on the legal case. Let’s Find out.
Analyst Decodes Misconception on the Timelines in Ripple Case
Despite expectations for today to be decisive in the Ripple vs SEC lawsuit, analyst Ashley Prosper in his X post, has clarified misconceptions about the case. Prosper emphasized that tomorrow is the extended deadline for remedies-related discovery, and the public won’t see any information from Ripple until the SEC files its brief on March 13.
Plus, the analyst debunked the notion that Judge Torres’s final decision on the case is due in April, highlighting that final submissions for remedies are due on April 29th, with Judge Torres likely to decide in July or August, or potentially even later.
He further suggested that a settlement remains the only possible scenario for the case to conclude by April. This clarification sheds light on the true timeline of the legal proceedings and challenges previous assumptions.
In response to the analyst, Mr. Huber suggests that the case can go further by 2030, the SEC might bring the case to the Galactic Senate, and a decision could happen in 2032.
Concerns Over SEC Conduct
However, amidst the legal complexities, concerns have been raised about the SEC’s conduct, with Bill Morgan criticizing the agency’s failure to correct misleading statements to the court. Morgan condemned the SEC’s motion seeking to evade accountability for its attorneys’ unethical behavior, calling for repercussions on grounds of professional misconduct.
What next?
The SEC wants to quickly wrap up the case to appeal the XRP sales ruling. They’re also pushing for penalties against Ripple for not registering XRP as a security. Last-minute filings could affect the schedule for remedy-related briefs. The SEC must file by March 13, Ripple by April 12, and the SEC can respond by April 19.
These developments underscore the complexity and contentious nature of the Ripple vs SEC lawsuit, as parties await further legal deliberations and potential outcomes.
