Ripple vs SEC: XRP Lawsuit Sees Imposition of Fresh Deadlines for Legal Briefs

In the ongoing legal dispute between Ripple and the Securities and Exchange Commission (SEC), there has been a significant development with the announcement of revised deadlines for remedies briefing. This is a crucial moment in their confrontation.

James K. Filan, a legal expert, has provided insight into the updated schedule. The SEC’s opening brief is now due on March 22, Ripple’s opposition brief on April 22, and the SEC’s reply brief on May 6. These new deadlines highlight the complexity of the legal proceedings as both sides navigate through extensions.

Ripple had previously requested an extension for remedies-related discovery, which was granted in February. This extension allowed Ripple more time to gather necessary information. Following this extension, the SEC, represented by Jorge G. Tenreiro, sought another extension for remedies-related briefing, which was granted in early March.

Legal experts, such as Bill Morgan, argue that the SEC’s understanding of investment contracts concerning crypto assets is flawed. Additionally, John Deaton emphasizes that XRP’s non-security status, as determined by Judge Torres, cannot be contested by the SEC. Judge Torres will now assess the SEC’s arguments regarding penalties for XRP sales post-complaint under Section 5 of the US Securities Act.

In terms of market response, XRP experienced a slight price decline, falling over 2% to $0.68, with a decrease in trading volume by 40% in the last 24 hours. However, market participants remain optimistic, predicting a potential price surge to $2 pending the final judgment of the ongoing SEC lawsuit. Deribit options data indicates growing confidence among traders.

The revised deadlines highlight the complexity of the legal battle between Ripple and the SEC. As the market anticipates potential price movements, resolving this case remains a top priority.