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XRP: Ripple Lawyer Reveals Fresh Key Dates and Steps for SEC Case

Ripple's chief legal officer Stuart Alderoty disclosed the next key dates in the company's legal feud with the U.S. SEC

dates marked with pins on a Calendar

Stuart Alderoty, chief legal officer for payment-focused blockchain company Ripple, has outlined the next steps in the company’s long-standing lawsuit with the United States Securities and Exchange Commission (SEC). According to the veteran lawyer, Ripple is now expected to file its response to the SEC’s request for penalties by April 22, 2024.

Recall that in March, the SEC demanded almost $2 billion in penalties from Ripple for allegedly violating securities law. Ripple has publicly revealed that it does not intend to settle with the SEC for that amount but must now make its stance known in court with an official response, which must now be filed within a week.

Meanwhile, if and when Ripple submits its response, the SEC will have until May 6, 2024, to reply. The content of both filings and the court’s decision will evidently reveal the next steps for the legal showdown, which began in December 2020.

Alderoty’s clarifications came in response to requests on whether an earlier scheduled final pretrial conference for April 16 would still be held. As the Ripple lawyer added, that hearing will no longer hold, given that the SEC has withdrawn its separate charges against Ripple executives Brad Garlinghouse and Chris Larsen.

XRP Price Remains Poised as Key Dates Approaches

The price of XRP has historically been driven by developments on key dates surrounding the ongoing lawsuit. Unsurprisingly, the cryptocurrency’s price has only followed the broader crypto market trajectory in the past few months, albeit with lesser upside as the latest key court dates approach.

The price of XRP is hovering around $0.49 at the time of writing, representing a 17% decline in the past month. However, a positive outcome for Ripple in the coming weeks could drive a price rally, while any court decisions that impact how freely XRP can be traded could potentially send prices downhill.

In either case, XRP investors will be keen for Ripple to finally settle the SEC suit. Such a settlement could allow the asset to find its true value in an ever-competitive crypto market.

Wilfred Michael

Wilfred Michael is a highly experienced cryptocurrency journo. He has spent more than five years covering this exciting new technological space, and relishes the opportunity to play a role in driving what he considers to be the future of finance.