Amidst the elongated legal battle between the United States Securities and Exchange Commission (SEC) and Ripple, pro-XRP Legal Expert James K. Filan has revealed the next important date in the case that will determine the next phase of the legal battle.
New Date To Determine The Next Phase
The pro-XRP legal expert recently notified the cryptocurrency community that the next phase in the legal battle between Ripple and the SEC will be determined on November 9, 2023.
James K. Filan took to his official X (formerly Twitter) handle to share the letter containing this information with his followers and the entire crypto community about the importance of the above-stated date in the SEC vs. Ripple case.
In the letter sent to Judge Analisa Torres, the judge presiding over the SEC vs. Ripple case, the US regulator and the crypto firm are obliged to meet on the aforementioned date and confer the potential briefing schedule with respect to the pending issue in the case.
According to the letter, the main emphasis will be on finding out appropriate remedies to deal with the company’s purported Section 5 violations regarding its institutional sales of the cryptocurrency XRP.
Considering the fact that Ripple has already spent $200 million defending itself against the US regulator, the SEC’s request for reparations of up to $700 million will definitely put a strain on the crypto firm. However, this is a serious juncture in the legal case since information regarding the meeting on November 9, still remains sparse.
The conclusion of the scheduled meeting might have a significant impact on Ripple, XRP, and the cryptocurrency industry as a whole. This is because it might establish a very strong precedent for how cryptocurrencies are being handled in the United States.
For now, the community at large is expecting a fierce battle between the two parties on how much of a fine the cryptocurrency firm has to pay as the penalty phase approaches.
However, Fox Business journalist Eleanor Terrett recently highlighted on her X handle that the company would likely be able to minimize the penalty, but the SEC is still going to demand a substantial amount for bragging rights.
So far, the crypto firm has been seen to be the dominant party in the SEC case, due to the series of setbacks the US regulator has experienced since the case began. One of the recent setbacks the SEC has faced is the dismissal of its case against Ripple Labs’ Chief Executive Officer Brad Garlinghouse and its founder Chris Larsen on October 19, 2023.
John E. Deaton On The Settlement Between The SEC And Ripple
John E. Deaton has recently voiced his comments on the settlement in the ongoing legal battle between the SEC and Ripple. Deaton took to his X handle to express his disbelief in the settlement, highlighting the unavailability of any serious conversations regarding the settlement between the two parties.
“As I said on CryptoLawUS TV yesterday with Jeremy Hogan and Thien-Vu, I do not believe there has been a single serious conversation regarding a settlement between Ripple, Ripple’s CEO, its founder, and the SEC,” the lawyer stated in the post.
Featured image from Ripple, chart by Tradingview.com