SEC v. Ripple lawsuit still drags on, Judge Torres sets schedule for 2024
|- XRP price tumbles as deadlines for the formal pretrial information exchange are set by Judge Torres.
- Attorney Fred Rispoli says Judge Torres’ ruling on XRP is ironclad till mid-2026.
- The altcoin’s price witnessed a rapid pump and sell-off following unconfirmed news of XRP ETF filing by BlackRock.
Judge Analisa Torres issued her ruling in the SEC v. Ripple lawsuit on July 13. Since the ruling however, both parties are still embroiled in a disagreement and attorneys expect a settlement between the two. Judge Analisa Torres has set new deadlines for the formal exchange of information pretrial, indicating a long-drawn conclusion to the lawsuit, likely in 2024.
Crypto proponent attorneys believe that the payment giant is likely to settle with the US financial regulator, for a value much lower than the $770 million demanded by the Securities and Exchange Commission (SEC).
Also read: XRP price slides 5% as experts revisit Judge Torres’s judgment in the Ripple versus SEC case
SEC v. Ripple lawsuit schedule for 2024
Judge Analisa Torres, the presiding judge in the SEC v. Ripple lawsuit has set new deadlines for remedies discovery and briefing. Judge Torres reviewed the letter dated November 9 and set four key deadlines for the two parties:
- February 12, 2024 for completion of remedies-related discovery (exchange of information, pretrial)
- March 13, 2024 for filing briefs with respect to remedies
- April 12, 2024 for defendants (Ripple) to file their opposition
- April 29, 2024 for the plaintiff (SEC) to file their reply
It is Attorney Fred Rispoli’s opinion that with the above timeline, no appeal would be issued before mid-2026 by the 2nd Circuit. This cements Judge Torres’ July 13 ruling, offering regulatory clarity on XRP tokens. Attorney Rispoli says, “The July 13, 2023 ruling by J. Torres will be ironclad for a very long time.”
This timeline means no chance an appeal would be issued before mid-2026 by the 2nd Circuit. The July 13, 2023 ruling by J. Torres will be ironclad for a very long time.
— Fred Rispoli (@freddyriz) November 13, 2023
This timeline means no chance an appeal would be issued before mid-2026 by the 2nd Circuit. The July 13, 2023 ruling by J. Torres will be ironclad for a very long time.
— Fred Rispoli (@freddyriz) November 13, 2023
Regulatory clarity has fueled demand for XRP among both retail and institutional traders.
XRP price recently rallied to $0.7496, before a sell-off, in response to rumors of an XRP ETF filing by asset manager BlackRock.
BlackRock XRP ETF rumors send altcoin soaring, before sell-off
BlackRock, a large asset manager, scotched rumors it was launching a Ripple ETF by clarifying it is not attempting to launch an XRP exchange-traded fund (ETF), according to a Coindesk report.
A regulatory filing evidencing an XRP ETF filing by BlackRock, however, did the rounds on social media platforms like X, fueling a bullish sentiment among holders and sending the altcoin 10% higher, before its recent pullback.
Rumored XRP ETF filing by BlackRock
At the time of writing, XRP price is down nearly 8% on the week and 2% on the day. The altcoin erased its weekly gains once the rumors surrounding XRP ETF were addressed by the asset manager.
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