In a recent development in the long-running legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), both sides have taken a step forward. Together, they filed a request with Judge Analisa Torres of the Southern District of New York for a timeline for the discovery phase of their trial. This marks a new phase in this highly publicized case that has captured the attention of the crypto world.
#XRPCommunity #SECGov v. #to curl #XRP The parties submitted to Judge Torres a motion for instructions and notice of appeals. pic.twitter.com/7OyVTnTeyc
-James K. Filan ???????????????? (@FilanLaw) November 9, 2023
Legal developments
Ripple and the SEC have jointly established a timeline for the discovery phase that focuses on incidents that occurred before the SEC’s initial allegations against Ripple. At this stage, Ripple’s lawyers have the opportunity to gather evidence to support their defense. On the other hand, the SEC can interview key Ripple witnesses, including attorney Anthony Bracco, and provide documents to support its claims.
Procedural aspects
Under the proposed timeline, the SEC will have 90 days from the date of the court order to conduct its discovery. Ripple can present a revised version of a Bracco report, after which the SEC will have the opportunity to interview that witness within the first 90 days. Both parties also have the right to file rebuttal reports challenging the other party’s findings. Interestingly, the court does not allow third party disclosure requests without express consent.
Future of crypto regulation
During DC Fintech Week, Ripple CEO Brad Garlinghouse highlighted the platform’s unwavering determination to continue its fight against the SEC all the way to the Supreme Court. He also expressed support for expanded crypto regulatory laws in the US, arguing that it is necessary to maintain the country’s leading position in the crypto industry.
This legal conflict between Ripple and the SEC remains a major focus in the crypto world as its outcome could have significant implications for the future of digital currencies and their regulation.
Source: BTC Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
