Ripple vs SEC Lawsuit Update: Here Are The Key Dates To Watch

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Today, XRP whales moved 180 million coins, stirring up speculation amid an important legal decision in the Ripple Vs. SEC case. The legal battle has progressed to the remedies stage, marking a crucial juncture in the three-year-long fight. April 29 stands out as a key date, as it represents the deadline for the SEC to respond to Ripple’s motion, as per a scheduling order issued by Magistrate Judge Sarah Netburn. This extension provides both parties with an opportunity to present their arguments effectively. 

Debate on Penalty is on Fire

Market observers are eyeing every move of this case, speculating on potential outcomes. Some people think the lawsuit might end in a resolution or settlement, ending the long court battle. But people have different ideas about which party might win. Attorney Jeremy Hogan is still hopeful that Ripple will get a deal. He thinks it could be worth about $100 million. This is very different from what the SEC wanted earlier when they wanted $2 billion in disgorgement and prejudgment interest.

Our opposition to the SEC’s request for $2B in penalties for legacy institutional sales is now public. In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple won on significant issues, the SEC’s ask is just more evidence of its ongoing… https://t.co/GLcdsyInZW

— Stuart Alderoty (@s_alderoty) April 23, 2024

But Stuart Alderoty, Ripple’s Chief Legal Officer, has pushed for a much lighter punishment, saying that it shouldn’t be more than $10 million. This position makes Ripple’s point of view clear and stresses the need for a fair and reasonable answer. Even though the outcome of the lawsuit is uncertain, people involved are waiting for more information because they know what it could mean for the cryptocurrency business as a whole.

Latest update on the case

In the new development, Judge Sarah Netburn issued a new order. Wherein Ripple requested to drop the SEC’s recent expert submissions, and the judge granted an extension for the SEC’s reply until April 29, 2024. Now Ripple has three days to respond. Judge Netburn’s role remains crucial, and her impartial rulings maintain the integrity of the legal process.

Currently, XRP is trading at $0.5320, marking a 1.05% increase, with a one-day trading volume of $1.31 billion, down by 12.74%. Despite recent market volatility, XRP has seen a 6% gain over the past week.