The XRP court case has been a long and drawn-out legal battle, but it seems that it may soon be coming to an end. Judge Analisa Torres has set dates for remedies discovery and briefing in the lawsuit between Ripple Labs and the United States Securities and Exchange Commission (SEC). This significant development was in response to the letter sent by the US SEC on November 9, dismissing its case against Ripple’s top executives, Bradley Garlinghouse and Chris Larsen. The court filing, issued on November 13, shows that the legal battle between XRP and the US SEC is finally making strides towards resolution.
Judge Torres has officially signed the order for remedies discovery and briefing, marking the first court appearance for February 12, 2024. Both parties involved in the lawsuit are expected to complete all remedies-related discoveries on that date. Following this, the plaintiff will file its brief based on the remedies on March 13, and the defendant will file its opposition on April 12. The court case will then progress to April 29, where the Plaintiff would be allowed to file a response to the defendant’s opposition. These scheduled steps indicate that the courts are making concrete strides to bring this legal battle to a close.
The legal dispute between the US SEC and XRP has been a topic of continuous debate and discussion within the cryptocurrency community. The case has sparked numerous conversations and arguments on various social media platforms, including Twitter. One Australian-based lawyer and digital asset enthusiast, Bill Morgan, has expressed his views on the Ripple vs SEC case in a series of posts on Twitter.
Morgan argued with several Bitcoin Maxis and critics, stating that Judge Analisa Torres may have given the XRP community a significant advantage against Bitcoin Maxis by examining the XRP token under the Howey test. He highlighted that the judge’s ruling differentiated the underlying token from the contract, transaction, or scheme by which it is sold and stated that the ‘subject’ is “not necessarily a security.” This analysis has inadvertently given the XRP community a weapon against Bitcoin Maxis who claim everything but Bitcoin is a security.
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The legal clarity provided by Judge Torres has been a point of contention within the crypto community, with some members claiming that there has been a lack of clarity on whether XRP is considered a commodity or security. However, the US District Judge’s ruling states that the programmatic sales of XRP are not considered a security. This adds a layer of complexity to the debate surrounding the XRP token and its classification within the cryptocurrency space.
With the remedies discovery and briefing dates set by Judge Torres, the broader crypto space is eagerly awaiting the resolution of the court case next year. The XRP community, in particular, is keenly interested in the outcome of this legal dispute, as it could have significant implications for the future of the digital asset. The continuous developments in this lawsuit have captured the attention of the cryptocurrency world, and the upcoming court appearances scheduled by the judge are expected to provide crucial insights into the resolution of this long-standing legal battle.
