Ripple discussed what it plans to do next in its court case with the US Securities and Exchange Commission (SEC). It talks about an important occasion coming up in the case in its most recent Q1 report: the judge’s decision on the final remedies, which is due in the next few months.
There is still optimism among Ripple’s leaders when it comes to their legal points, and they are sure that the judge will be fair during the remedies part. What’s going to happen next? Both sides will have to wait a few months for the judge to decide on the final answers. “Ripple is still sure that the Judge will be fair during the remedies phase,” the Q1 2024 XRP Markets Report from the company said.
Legal Battle’s Ripple Ramifications
Significant shifts will happen on XRP and the cryptocurrency market as a whole when the judge makes his or her final decision on the solutions. If the judge rules in favor of XRP , it could set a standard for digital assets in the U.S. The SEC, on the other hand, might get more attention from regulators if the case goes in their favor. This could slow the growth of the business.
On March 22, the SEC asked Ripple to fix problems with the sales of XRP to institutions and asked for about $2 billion in damages. A court order and $900 million in disgorgement, $200 million in prejudgment interest, and $900 million in fines are part of this.
XRP replied on April 22 that disgorgement is not necessary without proof of harm and suggested a fine of no more than $10 million in cases where fraud or carelessness are not suspected.
The SEC responded to Ripple’s brief on May 6. presently not clear when the judge will make his decision. However, Ripple’s latest comments make it sound like a conclusion will be reached soon.
There is cautious optimism in the crypto business as people wait for a decision that could change how digital assets will be regulated in the future.
