Today Is An Important Day In The Ripple vs. SEC Lawsuit, Here’s Why

November 9 marks a significant day in the US Securities and Exchange’s (SEC) lawsuit against Ripple. As such, all eyes, especially of those in the XRP community, will be on the Commission and the crypto company as their actions on the day could potentially determine the next steps that will be taken in the case. 

Why November 9 Is Important

Following her dismissal order, Judge Anlaisa Torres had set November 9 as the deadline for both parties to jointly propose a briefing schedule with regard to remedies. Basically, Ripple and the Commission need to get back to the Judge on how they intend to proceed with the case. Failure to do this means that the court will have to step in and provide guidance to both parties. 

In line with this, Judge Torres had mentioned in her order that where both parties cannot agree, then they shall jointly request that the court set a briefing schedule. 

At the time of writing, no court document relating to a briefing schedule has been filed. However, it remains to be seen whether or not Ripple and the SEC will do so before the deadline elapses. 

No Settlement In Sight Between Both Parties

Judge Torres’ order came following the SEC’s decision to drop its claims against Ripple’s CEO, Brad Garlinghouse, and Co-founder, Chris Larsen. The SEC’s filing came on October 19, with Judge Torres’ order coming on October 24. However, it seems that the Commission and Ripple have not held any talks since then.

Pro-XRP legal expert John Deaton once mentioned how he doesn’t believe that there had been “a single serious conversation regarding settlement” between the SEC and Ripple, alongside its executives. He stated then that the Commission was “pissed and embarrassed” and was hell-bent on receiving $770 as a fine for Ripple’s violation of securities laws. 

More recently, he restated the fact that, in his opinion, there were no current or ongoing settlement talks between Ripple and the SEC. If this happens to be true, there is the possibility that both parties have also not sat down to discuss and agree on a briefing schedule. 

Both Ripple and the Commission also seem to be going on with their business without addressing the next steps in the long-running legal battle. Currently, Ripple is holding its Ripple Swell Conference 2023 in Dubai, with the crypto company setting its focus on expanding its business. 

As noted by Deaton, Ripple undoubtedly has the upper hand at the moment, considering that it has secured three consecutive victories against the Commission. As such, the crypto company will be confident that they could get a more favorable amount from the court in the event that they fail to reach an agreement with the Commission. 

XRP bulls struggle to maintain control | Source: XRPUSD on Tradingview.com

Featured image from The Crypto Times, chart from Tradingview.com