An expert legal analyst has shared important updates regarding the ongoing legal battle between Ripple Labs Inc. and the US Securities and Exchange Commission (SEC). Marc Fagel, a renowned securities litigation expert, has provided a timeline and insights into the case.
Fagel responded to a post by Brett Hill, an ambassador to the Bitrue crypto exchange, who claimed that the Ripple vs SEC case would soon reach a final verdict after Judge Torres’ decision on Ripple’s fine. However, Fagel dismissed this premature conclusion and stated that while the SEC is expected to file a reply brief on remedies, it may take the court a month or two to reach a final decision.
According to a previous report by Crypto News Flash, Ripple disputed the SEC’s pursuit of a $2 billion fine in its opposition brief, arguing for a lower penalty. Ripple claimed that it had complied with regulations by using ODL contracts to minimize profit and loss. The SEC, on the other hand, argued that the sales of XRP constituted securities.
In a recent update, the SEC submitted its remedies, reply brief, and supporting materials, with the publicly redacted versions set to be filed on May 8. Defense attorney James Filan provided this update and mentioned that both parties and third parties involved in the case would be required to file an Omnibus letter motion to seal the materials related to the remedies briefing. Once this is completed, the parties will submit a proposal for redacting the materials.
Furthermore, all parties involved must file opposition briefs to the omnibus letter motions to seal by May 20. Within 14 days after the decisions on the motions to seal the omnibus letter, the concerned parties must provide public, redacted copies of all the documents.
As of now, XRP is trading at $0.5393, showing a 7% increase in the past week. The trading volume and market cap of XRP are $1.8 billion and $29.7 billion, respectively.
In another development, the SEC has begun scrutinizing Robinhood Crypto. On Monday, Robinhood received a Wells Notice from the SEC regarding tokens traded on its platform. The SEC alleged that Robinhood Crypto violated securities law. However, it is important to note that a Wells Notice does not necessarily imply wrongdoing by the firm.
Fagel explained the significance of the Wells Notice, stating that it would take a few months for the process to unfold. The Wells Notice indicates that the SEC’s enforcement division has completed an investigation and will recommend filing a lawsuit, a process that typically takes a few months.