SEC vs Ripple Settlement: November 9 Deadline Looms
The SEC vs. Ripple legal battle has spanned more than two years, and the imminent November 9 deadline for both parties to submit a proposed briefing schedule, along with potential remedies, is approaching. This case carries significant weight for the cryptocurrency industry, as it has the potential to establish a precedent for how the SEC oversees and regulates digital assets.
In December 2020, the SEC initiated a lawsuit against Ripple and its executives, alleging that they had unlawfully sold XRP, which the SEC deemed unregistered securities. According to the SEC, Ripple had raised in excess of $1.3 billion through the sale of XRP, a sum that should have been registered as securities.
Fast forward to October 24, 2023, and Judge Sarah Netburn, presiding over the US District Court for the Southern District of New York, issued a directive for the involved parties to present a proposed briefing schedule, complete with potential remedies, by November 9, 2023. This necessitates both parties to come to an agreement on a timeline for presenting their legal arguments to the court, as well as outlining the possible penalties that Ripple may face in the event of securities law violations.
SEC vs Ripple Settlement: What is the November 9 Deadline?
On October 24, 2023, Judge Sarah Netburn, presiding over the US District Court for the Southern District of New York, issued a directive for the involved parties to present a proposed briefing schedule along with potential remedies by November 9, 2023. This mandate signifies the need for both parties to reach an agreement regarding the timeline for submitting their legal arguments to the court, as well as outlining the potential penalties Ripple may face if it is found to have violated securities laws.
Several potential outcomes are associated with the November 9 deadline:
- Settlement: The most probable scenario entails the SEC and Ripple reaching a settlement agreement before the November 9 deadline. Both parties have strong incentives to avoid a lengthy and costly trial.
- Trial: In the event that a settlement cannot be reached, the case will proceed to trial. Such a trial would likely extend over several months, with additional time required for the court to issue a final verdict.
- Dismissal: Although less likely, there remains the possibility of the court dismissing the case. While this outcome is not the most probable, it cannot be entirely ruled out.
SEC vs Ripple Settlement: What to Expect Next?
It is difficult to say what will happen next in the SEC vs Ripple case. However, it is likely that the parties will reach a settlement agreement before the November 9 deadline. If they are unable to reach a settlement agreement, the case will go to trial.
The outcome of the case will have important implications for the cryptocurrency industry as a whole. If the SEC is successful, it could set a precedent for how the SEC regulates digital assets. However, if Ripple is successful, it could send a positive signal to the cryptocurrency industry.
SEC vs Ripple Settlement: Performance of XRP
On Monday, XRP made a significant move, breaking above the $0.70 mark and temporarily surpassing Binance Coin (BNB) to secure its position as the fourth-largest cryptocurrency by market capitalization. However, the surge was short-lived as XRP faced a rejection just below the $0.72 threshold, causing it to drop back below $0.70, allowing BNB to reclaim its position.
As of writing the XRP price is below $0.70 and the overall market cap is around $36.5 B.