Important Dates in XRP Lawsuit: Ripple Faces SEC
The latest update reveals that the SEC has submitted its reply and supporting exhibits under seal. These documents will be made available to the public in redacted versions on Wednesday, May 8. Meanwhile, the price of XRP remains around $0.53, having surged to $0.57 earlier in the week. The next important deadline in this legal battle is May 13, by which both parties must file motions to seal all materials related to remedies from recent proceedings.
Here are the upcoming key dates:
According to James Filan, the redacted version of the SEC’s remedies brief will be filed by May 8, 2024. He also mentioned that further filings related to sealing are expected after the initial submission. On May 7, the SEC and Ripple will meet to determine necessary redactions, and the public version of the reply brief is scheduled to be submitted on May 8. All attention is now focused on May 13th.
Why is this important?
Following the May 8 filing, the next scheduled events in the Ripple case will take place 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 briefs, declarations, and supporting exhibits. Additionally, all parties will propose redactions to the provided materials on the same day.
Looking ahead to May 20, the final day of the schedule, the parties will submit letter briefs opposing the omnibus letter motions to seal. It is worth noting 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.
Impact on XRP
From a technical perspective, market analysts believe that XRP faces immediate resistance at $0.5574, while traders are also watching for potential support levels, especially around $0.50. These price fluctuations emphasize the close connection between legal proceedings and market sentiment, underscoring the significance of regulatory clarity for crypto investors and stakeholders.
A Look Back
At present, the SEC seems to have an advantage in the case, and many experts, including ProXRP lawyers, believe that the SEC will emerge victorious. The SEC has accused Ripple of violating securities laws by conducting unregistered sales of XRP tokens, and the regulatory body is seeking substantial penalties amounting to $2 billion. Adding to the complexity of the case, both parties are currently engaged in a heated debate regarding the status of expert testimony provided by Andrea Fox, the SEC’s Chief Assistant Accountant.
It will be intriguing to see what happens next. Stay tuned for further updates.