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Despite the obvious advances made in the ongoing legal brawl between American blockchain payments firm Ripple Labs Inc. and the United States Securities and Exchange Commission (SEC), negotiations over settlement are taking a new turn. According to a recent update by Judge Analisa Torres, the key dates for the parties to complete their remedy discovery have been set.
Tomiwabold OlajidePer the letter from Judge Torres, created based on the parties' prior letter detailing their availability, Feb. 12, 2024, was set as the date by which both must have completed their remedies-related discovery. The SEC will have until March 13 next year to file its brief to the remedies it seeks, and Ripple Labs will file its opposition, should there be any by April 12, 2024.
Before Judge Torres will rule on any remedy based on these events, the SEC will have one last chance to file its reply to Ripple's opposition, and this has to be done by April 24, 2024.
As circulating on social media, the regulator is seeking about $770 million in damages from Ripple Labs over the part of the ruling it was guilty of. This part involves its role in selling XRP to institutional investors, a move Judge Torres ruled on July 13 violates federal securities laws.
Projections for settlement
As predicted by top crypto lawyers before now, the ongoing settlement will be a tough negotiation journey for both Ripple Labs and the SEC.
One major consensus by all analysts is that Ripple will have to settle with the SEC; however, XRP holders' lawyer John Deaton has often reiterated that the amount Ripple will pay will be far less than the bogus sum the market regulator is asking for.
Deaton considers a settlement fee of $20 million and below a great deal that marks a 99.9% victory for the payments company. This low sum will complement prior victories snatched by Ripple regarding labeling XRP a nonsecurity in and of itself and the dismissal of charges against the company's executives.
Yuri Molchan
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya