The post Will the Ripple vs. SEC Lawsuit End in 2024? Here’s What Ripple CTO Has To Say appeared first on Coinpedia Fintech News
It has been a lengthy count of years for the one witnessing the Ripple vs SEC lawsuit. There is a piece of pleasant news for the many eagerly anticipating the end. Ripple CFO David Schwartz recently made huge waves in the XRP world, predicting that the SEC vs. Ripple lawsuit could be settled this year.
David Schwartz, in his interview with Thinking Crypto’s founder and host, Tony Edward, posited that there is a “reasonable chance” that the case could be settled in 2024. While Schwartz did not elaborate on why he thought this might be the case, several factors could have contributed to his prediction.
The remedial stage of the SEC vs Ripple lawsuit
The SEC vs. Ripple case is currently in its remedies stage. According to the court’s schedule, the last motion for remedies is due by April 29, 2024. The SEC will then file any response to Ripple’s opposition to their remedies-related motion.
Once the motion is filed, the judge will decide on the appropriate penalties for Ripple’s securities law violations. Several legal experts who have followed the case have predicted that Judge Analise Torres will hand down the remedies ruling by the beginning of summer 2024.
Ripple to Submit Financial Statements Mandatorily
On Monday, a New York judge ordered Ripple Labs to provide financial statements and information related to the institutional sale of its XRP tokens as per the latest news on the case. This move came after a lawsuit accused the crypto firm of illegally selling unregistered securities nationwide.
Judge Analisa Torres’ ruling last July that only Ripple’s institutional XRP sales violated U.S. securities laws was widely hailed as a victory in the crypto industry’s push to improve regulators’ understanding of digital assets.
After finding Ripple liable for violations before the lawsuit’s filing in 2020, the documents will help Judge Torres decide whether to impose injunctions or civil sanctions for the period. In early January, the SEC requested to impose sanctions on Ripple.
While many factors might have fueled David’s prediction, only the judge’s decision can conclude the case. Ripple has seen a few moments of triumph in the case, and its supporting community wishes for that to continue.