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- The SEC is preparing to submit its reply brief on May 6, following Ripple’s recent filing on April 22.
- Ripple countered the SEC’s allegations in its brief.
- The SEC’s reply brief will respond to Ripple’s arguments.
Ripple Labs Inc.’s ongoing legal battle with the US Securities and Exchange Commission (SEC) is approaching another significant point in its proceedings. Following Ripple’s brief on April 22, the SEC is set to submit its reply brief on May 6 as the climax builds toward final judgment.
After the SEC’s opening brief on March 22, Ripple was granted an extended deadline until April 22 to submit its opposition brief. This allowed Ripple to work on its defense and address the SEC’s allegations to reduce the potential penalty. Ripple’s filing countered expert testimony and other exhibits in the SEC’s opening brief.
However, the SEC’s imminent reply brief will respond to Ripple’s arguments and reinforce its position on the appropriate penalties for the alleged securities violations.
XRP market participant Ashley Prosper recently commented on the upcoming legal phase on X, noting, “Tomorrow we see the final reply from the SEC in the remedies phase of the #Ripple lawsuit. After that, we wait until July or August, maybe even September, for Judge Torres’s final ruling.”
He further speculated the possibility of appeals from either party following the ruling, suggesting that the duration of such requests may be shorter than anticipated. Moreover, Prosper opined that settlement could occur before or during the appellate process.
According to the ongoing case, Ripple sold $770 million worth of XRP to institutional clients. However, market experts have put out different figures regarding Ripple’s potential fine. For instance, legal expert John Deaton insisted that the SEC may be unable to exact the full $770 million from Ripple. On the other hand, crypto analyst Zach Rector has suggested a higher figure of up to $3 billion.
At the conclusion of the briefing phase, the court will deliberate on the arguments presented, after which a verdict will be pronounced. Should Ripple be liable, the verdict will also specify the financial penalty.
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