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Godfrey Benjamin
4 seconds ago
24/7 Cryptocurrency News

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Story Highlights

• Ripple and SEC lawsuit nearing settlement
• Mark April 29 on your calendar
• Settlement amount remains a dispute

The Ripple XRP lawsuit against the SEC has entered the remedies stage after more than three years.

Ripple XRP Lawsuit Update: April 29 is Important

Many anticipate a resolution or mutual agreement by this date.

Attorney James K. Filan revealed that Magistrate Judge Sarah Netburn has issued a scheduling order in response to Ripple’s motion.

This order relates to the SEC’s expert submissions and their impact on the case outcome.

This submission could bolster the SEC’s position in securing remedies and a final ruling.

As a result, the SEC is granted until April 29, 2024 to respond to Ripple’s motion, with Ripple allowed three business days to counter.

SEC Seeking $100M or $2B Settlement

Judge Netburn’s positive disposition towards Ripple has fueled optimism among supporters that the case may lean in the company’s favor.

Opinions vary on the direction the lawsuit may take, with some favoring the SEC’s stance and others favoring Ripple’s.

Legal expert Jeremy Hogan predicts a summer resolution with a $100 million settlement, a significant divergence from the SEC’s initial $2 billion demand.

Hogan criticized the SEC’s high penalty, stating it contradicts the regulator’s duty to protect investors.

Ripple’s CLO Stuart Alderoty advocates for a penalty of no more than $10 million for breaching securities regulations.

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