Pro-XRP attorney James K. Filan has alerted the public to the next significant date in the case, which is November 9, 2023, as the almost three-year legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) draws to a close.
The Upcoming Stage of the Ripple-SEC Case
On the X (previously Twitter) platform, James Filan informed his followers of the significance of November 9 in the XRP case.
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In a letter addressed to Judge Analisa Torres, Ripple and the Securities and Exchange Commission agreed to meet on the specified day in order to discuss the possible briefing schedule for the case’s outstanding problem.
XRP’s New Record Peaks on Crucial Ripple-SEC Date,XRP’s New Record Peaks on Crucial Ripple-SEC Date
The main emphasis will be on determining appropriate remedies to deal with Ripple’s purported Section 5 breaches concerning its institutional sales of the cryptocurrency XRP.
After already spending $200 million defending itself against the securities regulator, the SEC is requesting repayment of up to $700 million, which would surely put pressure on Ripple.
Many anticipate a fierce battle between the two sides on how much of a fee the cryptocurrency business should pay as the penalty phase approaches. Journalist Eleanor Terrett of Fox Business noted that Ripple would certainly try to reduce the fine, and the SEC would probably insist on a hefty amount in order to make a public announcement.
The SEC’s lawsuit against Ripple has encountered several obstacles. The SEC said on October 19 that it will not be pursuing accusations of aiding and abetting either Chris Larsen, the executive chairman of Ripple, or Brad Garlinghouse, the company’s CEO.
A few days later, Judge Torres formally issued an order dismissing the lawsuit against the top executives of Ripple.
Additional Consequences For XRP And The Entire Cryptosphere
The meeting on November 9 is crucial to the civil complaint, even if little information are known about it. The meeting’s conclusion may have a significant impact on XRP, Ripple, and the cryptocurrency market as a whole as it might establish a strong precedent for how cryptocurrency assets are handled in the United States.
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With a 13.6% gain in only the last week, the price of XRP is now trading at $0.56 at the time of publishing. It remains to be seen if the bulls can seize total control and drive the coin’s price over the $3 psychologically significant zone, since a crucial date is approaching.
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