The XRP lawsuit between Ripple Labs and the United States Securities and Exchange Commission (SEC) has entered the settlement phase.
Key Takeaways
- The XRP lawsuit involving Ripple Labs and the United States Securities and Exchange Commission (SEC) has entered the settlement phase, with Judge Analisa Torres setting specific rules for both parties.
- Discovery terms for the settlement primarily focus on events that occurred before the SEC’s initial complaint against Ripple regarding XRP.
- Ripple has agreed to these discovery terms, provided they strictly pertain to pre-complaint events, with the option to challenge any discoveries related to post-complaint events.
- Timelines have been established for both the SEC and Ripple to conduct related discoveries and submit reports.
XRP Lawsuit Moves to Settlement Phase
The ongoing lawsuit between Ripple Labs and the SEC has transitioned to a critical settlement phase, with Judge Analisa Torres overseeing the proceedings.
Ripple and SEC Prepare for Next Phase of XRP Lawsuit: What's Next? https://t.co/XBMkEhAk0m#Ripple #XRPhttps://t.co/XBMkEhAk0m
— ETHNews (@ETHNews_com) November 10, 2023
The scope of permissible discovery in the settlement is limited to events that transpired before the SEC’s initial complaint against Ripple, with a particular emphasis on the early stages of the dispute.
Ripple has consented to the discovery terms as long as they strictly relate to pre-complaint events. The company retains the right to challenge any discoveries pertaining to post-complaint events and can seek court intervention if necessary.
Adherence to Legal Procedures
The SEC is granted the authority to depose witnesses and submit rebuttal reports during this phase, with Ripple having the right to object to such reports or declarations.
The settlement process will adhere to the Federal Rules of Civil Procedure, requiring court approval for any third-party discovery requests.
To Conclude
Legal experts anticipate a potentially protracted settlement phase with extensive negotiations. A settlement of $20 million or less is considered a significant victory for Ripple Labs in this high-profile case.
