As the prolonged legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) reaches a critical juncture, pro-XRP lawyer James K. Filan has highlighted the significance of November 9, 2023, as the next crucial date in the case.
Filan informed the XRP community via social media platform X that on this date, Ripple and the SEC will convene to discuss the potential briefing schedule regarding the unresolved issue in the lawsuit.
The focus will center on determining suitable remedies for Ripple’s alleged Section 5 violations related to institutional sales of the XRP cryptocurrency, with the SEC seeking restitution of over $700 million.
With Ripple having already spent $200 million on its defense, the impending penalty phase is anticipated to involve intense negotiations between the two parties. Observers suggest that while Ripple aims to negotiate down the penalty, the SEC may insist on a substantial sum to make a public statement.
Last week, NewsFirstLine reported that The U.S. Securities and Exchange Commission (SEC) had decided to withdraw charges against Ripple’s CEO, Brad Garlinghouse, and Executive Chairman, Chris Larsen, in a recent court filing, signaling a shift in the agency’s prolonged legal pursuit of the cryptocurrency company.
The mutually agreed-upon dismissal of aiding and abetting charges with prejudice means they cannot be refiled in the future. However, the SEC will continue its legal action against Ripple. The dropped charges are related to institutional sales, an aspect that remains a focal point for discussions between the SEC and Ripple.
