The Ripple vs. SEC lawsuit is approaching an important phase. As the deadline for the initial court petition looms, the community is anxiously waiting in tandem for the outcome, which may include an indictment for the alleged violation of security laws.
According to the SEC, Ripple’s sales of XRP were unregistered securities in consideration of the institutional sales contracts. Ripple contests the lawsuit, alleging that its transactions are not the case of commodities as securities.
On March 22nd, the SEC is due to file the trial brief in which it will detail all the remedies they are seeking. Ripple is expected to come back with a reply by April 22nd, and potentially, the SEC will reply on May 6th.
The delay was given by Judge Analisa Torres to maintain impartiality and avoid tainting the proceedings. This approaching phase of the remedies briefing will center on particular papers that the SEC obtained during the discovery phase, especially those that pertain to institutional sales contracts that Ripple entered into after the case was filed.
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