The ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) continues to capture the attention of the cryptocurrency community. In a surprising development, a U.S. federal judge has suggested that both parties consider settling certain aspects of their case, potentially shortening what could be a prolonged legal battle.
Judge Suggests Settling Specific Claims
The suggestion from Judge Phyllis Hamilton emerged through a recent court filing, urging Ripple and the SEC to seek an alternative resolution for specific claims rather than enduring the entire legal process. This proposal involves the possibility of voluntarily dismissing certain claims without prejudice, allowing them to be revisited later if necessary, particularly after the appeal is concluded.
Ripple, along with its CEO Brad Garlinghouse and XRP II, is advocating for a final judgment to preclude additional claims. Both parties have been asked to reply to this settlement suggestion by November 4th, providing them a crucial choice: to either embrace this path or proceed with the current legal proceedings.
In the midst of these discussions, the SEC has reinstated charges against Ripple executives Brad Garlinghouse and Chris Larsen, alleging that XRP sales violate securities laws. The SEC is gearing up to present its primary appeal arguments by January 15, 2025, while Ripple is bolstering its legal team in preparation for a robust defense.
Ripple Advocates for a Conclusive Legal Decision
Lead plaintiff Bradley Sostack, representing XRP holders, has joined forces with Ripple and its CEO, Brad Garlinghouse, in urging the court to deliver a final ruling on allegations that Ripple breached securities laws. They have also requested a suspension of other state-level claims until this pivotal class action is resolved.
Despite an unsuccessful settlement attempt, the plaintiffs are contemplating an appeal against a prior judgment concerning XRP trades over a six-year period. This specific individual claim focuses on a single XRP transaction dating back to January 2018.
The court has scheduled a pretrial conference for December 19, with jury selection and the trial expected to commence on January 21. This timeline reflects the urgency and complexity of the legal proceedings.
Ripple-SEC Appeal Scheduled for 2025
The legal confrontation between Ripple and the SEC is set to enter a significant phase as the case heads to the Second Circuit Court of Appeals in January 2025. This appeal is anticipated to play a crucial role in determining the ultimate outcome, especially with the SEC’s revived allegations against Ripple executives Brad Garlinghouse and Chris Larsen for purported securities law violations.
Amidst these legal challenges, the value of XRP has shown resilience, maintaining a steady price around $0.52, despite experiencing a 17% decline over the month. The ongoing legal proceedings and their eventual outcomes are likely to have substantial implications for Ripple and the broader cryptocurrency market.
