Ripple has seen a new development in its ongoing legal battle with the US Securities and Exchange Commission (SEC). Judge Analisa Torres approved the joint request to seal confidential documents filed by both parties. This approval took place on March 20, 2024.
The focus is on the settlement approaches in the case
The court decision includes information on proposed settlement approaches, which could include Ripple’s financial statements and specific details following the SEC’s December 2020 lawsuit against XRP sales. Both Ripple and the SEC have defended partially sealing these documents to protect sensitive financial information.
Judge Torres’ decision allows for a revised scheduling and drafting process for the settlement brief. This will allow the disclosure of both sides’ core arguments to the public, with the exception of commercially sensitive details.
Additionally, a decision has been made that necessitates a negotiation period to determine specific content to be redacted from public records between Ripple, the SEC, and potentially involved third parties.
New deadlines and possible settlement
The revised schedule sets new deadlines for submitting summaries and responses. The SEC will present its opening summary on March 22, followed by a redactions negotiation period. The SEC is expected to release redacted versions of the summaries to the public on March 26, and Ripple on April 22.
The deadline for response summaries and requests to seal information has been set for May 20. This extended time period allows for a thorough review of settlement arguments and provides an opportunity to resolve the dispute. Legal experts anticipate that a settlement agreement between Ripple and the SEC could be reached before the case goes to trial.
Impact on XRP price and timeline
The lawsuit has significantly affected the Despite this increase, the long-term consequences remain uncertain, especially given the SEC’s increasing focus on XRP sales, which plays a crucial role in the outcome for Ripple and potential fines.
Judge Torres’ previous ruling in July 2023, which ruled that XRP is not considered a security under US law, was seen as a positive development for Ripple. However, the final outcome of the case could still affect the price of XRP depending on the decision. With the judge’s final ruling not expected until 2025, this could mean that XRP may remain less effective in an impending bull market.
Source: https://cryptobenelux.com/2024/03/24/ripple-s-juridische-strijd-nieuwe-ontwikkelingen-en-mogelijke-schikking/
