An important moment in the long-running legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC) is approaching. An important phase of the case is scheduled for tomorrow, March 26, which could have serious consequences for Ripple and the cryptocurrency XRP.
Sealed documents become public
Ripple's lawyer, James K. Phelan, highlighting March 26 as a crucial date in the case's progress. The SEC has already filed the opening treatment summary and related documents with the court, albeit under seal. The move represents a major advance in the long-running legal dispute that has lasted several years.
What you can expect
It is important to understand what it is”Open the message related to treatmentsThis document is an important part of the legal process. Essentially, this is the first filing by a party — in this case the SEC — proposing specific legal and financial remedies it seeks from the court against the competing party, Ripple Labs.
The amount of action requested by the SEC is eagerly awaited. It will be particularly interesting to see how much the SEC will claim for institutional sales of XRP after the legal dispute begins.
what happened after that?
Although the procedural steps are clearly defined, there is still some uncertainty about the final outcome of the case. There is speculation about possible delays, particularly whether the SEC might request a postponement. The schedule for the coming weeks promises a lot of excitement:
- March 22, 2024: The SEC secretly files a proposed decision document.
- March 25, 2024: A meeting will be held today between the SEC and Ripple to discuss the documents and make final amendments to them.
- March 26, 2024: The SEC must file a revised version of its initial document, which was made public and deletes sensitive information, by this date.
- April 22, 2024: Ripple must file its response to the lawsuit on this day.
- April 23-24, 2024: A meeting is scheduled to make final amendments to Ripple’s documents. If necessary, Ripple will provide an amended version of its response.
- May 8, 2024: The SEC must file its response to Ripple’s response by this date.
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