Important Dates to Monitor for the Remedies Brief in the Ripple vs SEC Case

The ongoing legal battle between Ripple and the SEC is intensifying as the highly anticipated trial date of April 23, 2024 approaches.

In a surprising twist, the SEC has requested a one-week extension in order to thoroughly review Ripple’s financial statements and determine potential penalties. The SEC had previously been given deadlines to present its remedies plan by March 13 and for Ripple to respond by April 12. However, the SEC’s deadline has now been extended to March 22, with Ripple’s deadline for its opposition brief proposed to extend to April 22.

The SEC’s reply brief, initially scheduled for April 29, has also been extended to May 6, 2024. Ripple has agreed to these extensions.

The SEC has justified its plea for more time, stating that it needs to carefully review Ripple’s financial statements from 2022 and 2023 in order to finalize its remedies-related briefings. This is not the first time Ripple has received an extension, as the company previously received an 8-day extension during the remedies-related discovery phase.

The remedies briefing phase is crucial as it will determine the penalty Ripple may face for allegedly violating federal securities laws through the sale of $770 million worth of XRP to institutional clients. If found guilty, the court’s penalty is not expected to exceed the $150 million already spent by Ripple on legal defense. This financial commitment by Ripple could set a precedent for similar cases in the cryptocurrency industry.

Despite the legal uncertainty, XRP’s price has shown a 6% surge in the past 24 hours, reaching nearly $0.60. Analysts are optimistic about XRP’s future, with some even predicting a potential rise to $27.

As the trial date draws near, the world eagerly awaits the outcome of this high-stakes legal battle.