The Ripple-SEC case received an update this week, with the SEC requesting a review of upcoming deadlines for solution-related briefings, resulting in a one-week extension for the completion of such briefings. Specifically, the SEC requested that the deadline to file its initial brief related to remedies be extended from March 13 to March 22.
The Ripple-SEC case received an update this week, with the SEC requesting a review of upcoming deadlines for solution-related briefings, resulting in a one-week extension for the completion of such briefings. Specifically, the SEC requested that the deadline to file its initial brief related to remedies be extended from March 13 to March 22.
It was also requested that the deadline for Ripple to file its opposition brief be extended to April 22, 2024, while the deadline for the SEC to file its response brief be extended to May 6, 2024.
Ripple accepted the SEC’s request, according to the document. The SEC claims that the nine-day extension to file his initial brief was necessary to complete its review of materials newly provided by Ripple and finalize reports related to the remedies.
Going forward, barring court-approved or otherwise specified changes, the key dates to watch in the Ripple-SEC litigation are March 22, April 22, and May 6, 2024. .
The year 2023 was a banner year for Ripple’s victories over the SEC. Ripple scored a key victory in its long-running battle with the SEC when the court ruled that XRP is not a security under federal law.
The court also found that most of Ripple’s XRP sales did not constitute investment contracts and were therefore legal, including XRP transactions on cryptocurrency exchanges.
Following the court’s decision, the judge denied the SEC’s request for an interlocutory appeal, and the SEC dismissed “with prejudice” all allegations against Chris Larsen and Brad Garlinghouse individually, thus vindicating both.
However, certain previous sales of XRP made by Ripple to sophisticated entities (institutional sales) were determined to be investment contracts and therefore should have been filed with the SEC.
In the “remedies” phase of the lawsuit, which focuses on these institutional sales, legal briefs are expected to be delivered on the aforementioned dates, and then the court will decide what remedies to impose. It should be noted, however, that there is no trial involved in what remains to be done in the Ripple case.
