Ripple vs SEC: Next Crucial Dates in XRP Lawsuit

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As per the latest update, the SEC has filed its reply under seal and supporting exhibits. These documents will be publicly released in redacted versions by Wednesday, May 8. As this legal battle unfolds, XRP’s price hovers around $0.53, surging to $0.57 earlier this week. The next critical deadline in this case is May 13, by which both parties must submit motions to seal all remedies-related materials from recent proceedings.

Upcoming the Key Dates!

James Filan provided insight into the filing schedule, indicating that the redacted version of the SEC’s remedies brief will be filed by May 8, 2024. He also outlined further sealing-related filings expected to follow this initial submission. The SEC and Ripple are ready to confer on May 7 to identify necessary redactions, with the public version of the reply brief scheduled for submission the following day, May 8. Now, all eyes are set on May 13th. 

Why Does It Matter? 

According to the court deadline, following the May 8 filing, the next scheduled events in the Ripple case will occur on May 13. On this date, the SEC, Ripple, and any third parties involved will submit omnibus letter motions to seal all materials related to the remedies-related briefs, declarations, and supporting exhibits. Additionally, all parties will propose redactions to the provided materials on the same day.

Moving forward to May 20, the final day of the schedule, the parties will submit letter briefs opposing the omnibus letter motions to seal. It’s important to highlight that, as per the joint proposal, all parties must file public, redacted versions of all documents within 14 days of the Court’s rulings on the omnibus sealing motions.

XRP Impact

Technically, analyzing the case impact on XRP, market analysts believe that while the token faces immediate resistance at $0.5574, traders are also eyeing potential support levels, particularly around $0.50. These price changes underscore the close relationship between legal proceedings and market sentiment, highlighting the importance of regulatory clarity for crypto investors and stakeholders.

Flashback 

Right now, the SEC is taking a lead in the case. Many experts, including ProXRP lawyers, believe that the SEC will win. The SEC has alleged that Ripple violated securities laws through the unregistered sale of XRP tokens, with the regulatory body seeking hefty penalties totaling $2 billion. Adding to the complexity of the case, both parties are currently engaged in a contentious debate over the status of expert testimony provided by Andrea Fox, the SEC’s Chief Assistant Accountant. 

It will be interesting to see what turn it takes next. Stay tuned with us to know more.