Amidst the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Ripple, there is an upcoming crucial date that will determine the next phase of the case. Pro-XRP Legal Expert James K. Filan has revealed that the next phase in the legal battle will be determined on November 9, 2023.
Filan, a pro-XRP legal expert, shared a letter containing this information with his followers and the entire crypto community. The letter was sent to Judge Analisa Torres, who is presiding over the SEC vs. Ripple case. According to the letter, both the US regulator and Ripple are obligated to meet on November 9th and discuss the potential briefing schedule for the pending issues in the case.
The main focus of the meeting will be to find appropriate remedies for dealing with Ripple’s alleged violations of Section 5 regarding its institutional sales of XRP. This is a significant juncture in the legal case as it could have a major impact on Ripple, XRP, and the cryptocurrency industry as a whole. The outcome of the meeting might establish a strong precedent for how cryptocurrencies are handled in the United States.
However, the details of the meeting on November 9th remain limited. The community is eagerly anticipating a fierce battle between the two parties as the penalty phase approaches. The SEC has requested reparations of up to $700 million, which will definitely strain Ripple, considering the $200 million the company has spent defending itself against the US regulator.
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Fox Business journalist Eleanor Terrett believes that while Ripple may be able to minimize the penalty, the SEC will still demand a substantial amount for bragging rights. Despite the setbacks the SEC has faced in the case, including the dismissal of its case against Ripple Labs’ CEO Brad Garlinghouse and founder Chris Larsen, the crypto firm has been seen as the dominant party.
John E. Deaton, a legal expert, has voiced his comments on the potential settlement between the SEC and Ripple. Deaton expresses his disbelief in the settlement, highlighting the lack of any serious conversations between the two parties regarding a settlement. He believes that there has not been a single serious conversation between Ripple, its CEO, founder, and the SEC.
The outcome of the legal battle between the SEC and Ripple is highly anticipated by the cryptocurrency community and the industry as a whole. It will not only determine the future of Ripple and XRP but also set a precedent for how cryptocurrencies are regulated in the United States. The upcoming date on November 9th will play a crucial role in shaping the course of this legal battle and its implications for the crypto world.
