Ripple CTO Shares Insight on the Possible Conclusion of the Ripple vs. SEC Lawsuit in 2024
The Ripple vs SEC lawsuit has been ongoing for quite some time, but there is some good news for those eagerly awaiting its resolution. Ripple CFO David Schwartz recently made a bold prediction, stating that there is a “reasonable chance” the case could be settled this year.
In an interview with Tony Edward, the founder and host of Thinking Crypto, Schwartz did not provide specific details on why he believes this could happen, but there are several factors that could contribute to his prediction.
Currently, the SEC vs Ripple case is in the remedies stage. According to the court’s schedule, the last motion for remedies is set to be filed by April 29, 2024. Following this, the SEC will respond to Ripple’s opposition to their motion.
Once the motion is filed, the judge will determine the appropriate penalties for Ripple’s violations of securities laws. Legal experts who have been following the case have predicted that Judge Analise Torres will issue the remedies ruling by the beginning of summer 2024.
In addition, a New York judge has recently ordered Ripple Labs to provide financial statements and information related to the institutional sale of its XRP tokens. This order came after a lawsuit accused the company of illegally selling unregistered securities nationwide. Judge Torres’ ruling last July, which stated that only Ripple’s institutional XRP sales violated US securities laws, was seen as a victory for the crypto industry’s efforts to improve regulators’ understanding of digital assets.
The financial statements and information will help Judge Torres determine whether to impose injunctions or civil sanctions for the period in which Ripple was found liable for violations prior to the lawsuit’s filing in 2020. The SEC has already requested to impose sanctions on Ripple.
While there may be several factors contributing to David Schwartz’s prediction, ultimately, it is the judge’s decision that will conclude the case. Ripple has had some moments of success throughout the lawsuit, and its supportive community hopes for that to continue.