- Judge Analisa Torres has mandated the SEC and Ripple to propose a joint briefing schedule regarding remedies for their ongoing lawsuit, or the court will set one for them. The SEC seeks a $770 million settlement.
- Ripple’s flagship event, Swell, is occurring in Dubai on November 8th-9th, coinciding with the briefing deadline, and has already seen significant announcements, such as Africa’s largest payment processor and HSBC adopting XRP for global use and institutional custody, respectively.
- The legal developments and positive news from the Swell conference are contributing to a bullish sentiment among XRP token traders.
On October 24th, Judge Analisa Torres ordered the SEC and Ripple to agree to a briefing schedule for remedies. This phase of the proceedings will ultimately settle the SEC’s long-running Ripple lawsuit.
But if the SEC and Ripple can’t agree by Nov 9, the SDNY district court will decide for them. They have until November 9 to agree. Judge Torres’ order reads:
“By November 9, 2023, the parties shall jointly propose a briefing schedule with regard to remedies, or, if the parties cannot agree, shall jointly request that the Court set a briefing schedule.”
The SEC requested the Nov 9 date for Ripple Labs and the commission to agree to a briefing schedule. Moreover, the briefs will allow each party in the XRP lawsuit to present their arguments about remedies.
SEC Seeks $770 Million in Ripple Lawsuit
That will end a years-running headache for Ripple Labs and XRP investors. But the SEC is seeking a $770 million remedy to settle its lawsuit against Ripple Labs.
The lawsuit has been ongoing since December 22, 2020. That’s when the Securities and Exchange Commission first sued Ripple Labs in the U.S. District Court Southern District of New York.
The SEC alleges Ripple’s sales of XRP tokens constituted unregistered securities offerings. The lawsuit has required the government to clarify its understanding of cryptocurrencies and its definition of securities.
Judge Torres ordered the SEC and Ripple to jointly propose a briefing schedule to settle the SEC’s years-running lawsuit. If they can’t come to an agreement by Thursday, November 9, they have to jointly request the court set the schedule.
“By November 9, 2023, the parties shall jointly propose a briefing schedule with regard to remedies. If the parties cannot agree on a schedule, Judge Torres will set the schedule.”
#XRPCommunity #SECGov v. #Ripple #XRP By November 9, 2023, the parties shall jointly propose a briefing schedule with regard to remedies. If the parties cannot agree on a schedule, Judge Torres will set the schedule. pic.twitter.com/OHOG0FNPV2
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) October 24, 2023
Ripple Swell Gathers XRP Boosters in Dubai
The Nov 9 briefing deadline for the Ripple Lawsuit is not the only important event for XRP token holders this week.
There’s also Ripple Swell in Dubai, Nov 8 – 9th. It’s Ripple Labs flagship global conference, bringing together business partners, investors, and XRP token enthusiasts.
So far, there have been some big announcements at this year’s Ripple Swell, for example:
“Major bombshell announcements already made on the opening day of Ripple SWELL 2023 -Largest Payment Processor in Africa will USE #XRP across the world -HSBC one of the largest banks in the world will USE Ripple’s Metaco for Institutional custody”
Major bombshell announcements already made on the opening day of Ripple SWELL 2023
-Largest Payment Processor in Africa will USE #XRP across the world
-HSBC one of the largest banks in the world will USE Ripple’s Metaco for Institutional custody#XRP HAS THE 🟢💡 https://t.co/NIXSd8pycj
— Chad Steingraber (@ChadSteingraber) November 8, 2023
No wonder XRP token traders are bullish for Ripple price on exchanges this week.