Ripple vs SEC: Here’s Latest Twist in Legal Battle

Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Ripple has seen some wins in the SEC lawsuit, but the case seems not to be over yet.

The SEC’s request to contest its groundbreaking loss against Ripple was dismissed, and the SEC’s claims against Ripple executives Brad Garlinghouse and Chris Larsen were also dismissed. This invalidated the trial scheduled for 2024.

According to crypto legal experts, Ripple is now in the “damages” phase. CryptoLaw founder John Deaton outlines a 99.9% win scenario for Ripple, where it pays $20 million or less in penalties.

Ripple and the SEC are set to embark on this next phase of the lawsuit, as both parties have submitted to Judge Torres a proposed schedule regarding remedy discovery and briefing.

As stated in a document shared by James K. Filan, the SEC has suggested 90 days from the entry of a scheduling order by the court to undertake remedies-related discovery.

The SEC intends to seek certain discovery that postdates the complaint that it considers relevant for its claims for injunctive and monetary remedies, which Ripple may object to.

The parties also agree that Ripple may serve a superseding version of the Bracco report on the SEC no later than 45 days after the scheduling order is entered and that the SEC may depose Anthony M. Bracco, who testified earlier this year, within 90 days of the scheduling order.

According to the document, the SEC may file its brief on remedies at any time, but no later than 30 days after the remedy discovery period. Ripple must file its opposition 30 days later, and the SEC must respond 15 days thereafter.

In a positive development, Ripple’s CBDC Innovate Challenge has awarded  $140,000 to three grand prize winners for CBDC applications.

Ripple’s second annual CBDC Innovate, a two-phased challenge enabling companies, enterprises, and individual developers the opportunity to design central bank digital currency (CBDC) apps, recently finished, raising enthusiasm within the global CBDC community.

About the author

Tomiwabold Olajide

Source link