The ongoing legal battle between San Fransisco-based payment firm Ripple Labs Inc. and the United States Securities and Exchange Commission (SEC) is presently in the limelight as today marks the deadline of the lawsuit’s discovery phase.
Set Of Crucial Dates For Ripple Vs. SEC Lawsuit
Ashley Prosper, an XRP community member, shared the latest development regarding the lawsuit on the social media platform X (formerly Twitter). According to the expert, the current “remedies-related discovery phase” in the case between Ripple and the SEC will end today, February 20.
Proper’s X post was accompanied by a screenshot of a piece of the filing document, which shows several upcoming dates to watch out for and the significance of these dates. It highlights 4 crucial dates, which include February 20, March 13, April 12, and April 29. The post aimed at clearing up “some misconceptions” concerning the ongoing case between the two parties. It is noteworthy that today also represents the day Ripple is supposed to comply with the court’s order in providing its financial data.
Prosper pointed out that until the Commission submits its remedies-related brief on March 13, the community will not be able to get any information that Ripple has turned over. However, they urged the community not to put much hope in the development.
The post read:
To clear up some misconceptions. Tomorrow is the extended deadline in the Ripple vs SEC case for remedies-related discovery. We will not see anything Ripple has handed over until the SEC files its brief on March 13 and do not expect much on that front.
Furthermore, the pundit also highlighted that the deadline for submitting final remedies is set on April 29 while refuting false claims that Judge Torres Analisa’s final decision on the case is not due in April.
They asserted that after the remedies are submitted in April, Judge Torres will announce her final decisions. Nonetheless, they anticipate that the judge might reveal her decisions on the case by around “July and August.”
In addition, they stated that Judge Torres might even take up to “next year” to pass her verdict if she chooses to. So far, it is expected that the legal dispute between Ripple and the SEC will conclude in April; however, this will only happen with a settlement.
Potential Impact Of The Case
As the crypto community awaits the end of the lawsuit, there are speculations of a potential broader impact in the crypto space. A decision rendered against Ripple might set a standard for how authorities address other cryptocurrencies, thereby impacting revolution and uptake in the landscape.
It could also create doubts, which could hinder the expansion of the cryptocurrency market. Meanwhile, a more nuanced approach might usher in growth and set the track for lucid regulations.
Featured image from iStock, chart from Tradingview.com