An important moment is approaching in the long-running legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC). An important phase of the case is scheduled for tomorrow, March 26, which could have major consequences for Ripple and the XRP cryptocurrency.
Sealed documents become public
Ripple’s lawyer, James K. Filan, has highlighted March 26 as a crucial date in the case’s progress. The SEC has already filed its opening remedy brief and related documentation with the court, albeit under seal. The move marks significant progress in the protracted legal dispute that has lasted several years.
What you can expect
It is important to understand what a “https://twitter.com/FilanLaw/status/1762650214052004129” entails. This document is an important part of the legal process. Essentially, it is the first filing by a party – in this case the SEC – proposing specific legal and financial remedies it is seeking from the court against the opposing party, Ripple Labs.
The amount of action requested by the SEC is eagerly awaited. Particularly interesting will be to see how much the SEC demands for institutional sales of XRP after the start of the legal dispute.
What happens next?
Although the procedural steps are clearly established, there remains some uncertainty about the final outcome of the case. There is speculation about possible delays, particularly whether the SEC could request a delay. The schedule for the coming weeks promises a lot of excitement:
- March 22, 2024: The SEC secretly filed its proposed resolution document.
- March 25, 2024: Today a meeting will take place between the SEC and Ripple to discuss and make final adjustments to the documents.
- March 26, 2024: The SEC must file an amended version of its initial filing by this date, which has been made public and omits sensitive information.
- April 22, 2024: Ripple must file its response to the lawsuit on this day.
- April 23-24, 2024: A scheduled meeting to make final adjustments to Ripple’s documents. If necessary, Ripple will submit an amended version of its response.
- May 8, 2024: The SEC must file its response to Ripple’s response by this date.
