In the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC), Magistrate Judge Sarah Netburn has issued strict deadlines for the regulatory agency to respond to Ripple's motions.
Magistrate Judge Netburn issued a new scheduling order on April 25, setting deadlines for the SEC to respond to Ripple's Motion to Strike. According to former federal prosecutor and defense lawyer James K. Filan, the SEC must file a rebuttal by April 29, 2024. Ripple, in turn, is required to file a response within three business days.
This order is crucial in Ripple's case against the SEC, particularly regarding the SEC's recent submission of its motion to strengthen remedies and finalize judgment. Ripple had previously filed a motion to strike the SEC's expert materials, arguing that they were submitted beyond the allocated time frame, violating discovery rules.
Ripple has rejected the SEC's $2 billion penalty, deeming it excessive, and has petitioned the court to impose a civil penalty not exceeding $10 million. The company maintains that XRP was not intended as an investment vehicle and should not be classified as a security.
The Ripple and SEC case remains a significant legal dispute with potential implications for the cryptocurrency space and the financial industry at large. Magistrate Judge Netburn, despite being nominated as District Judge in the Southern District of New York, continues to preside over the case. However, no final ruling on Ripple's penalty has been issued despite the SEC's demands.
Magistrate Judge Netburn, known for her pro-crypto stance, is committed to delivering a fair ruling by considering both parties' arguments and deciding on appropriate penalties or the case's conclusion. The broader crypto industry closely monitors the legal proceedings, with the XRP community largely supporting Ripple's position and criticizing the SEC's enforcement actions in the cryptocurrency space.
XRP falls as lawsuit rages on | Source: XRPUSDT on Tradingview.com
SEC's reply brief in Ripple lawsuit anticipated for May 6, 2024. Analysts expect SEC to strengthen claims for remedies, including potential injunction. Outcome holds significant implications for Ripple and crypto market sentiment.
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