Important Dates Revealed in Ripple vs. SEC Legal Case
The legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) has reached a new development with the release of important dates in the case. A scheduling order has been entered by the US judge in the United States District Court for the Southern District of New York regarding Ripple’s motion.
Magistrate Sarah Netburn has filed a scheduling order in response to Ripple’s motion to eliminate new specialized materials that the SEC had filed to support its document on remedies and entry of final judgment. The SEC has until April 29 to submit a response to the motion, while Ripple will have three working days to present its own response.
Notably, Ripple recently opposed the proposed $2 billion fine by the SEC. Stuart Alderoty, Ripple’s chief legal officer, publicly expressed the company’s opposition to the SEC’s order.
Ripple’s opposition is reflected in a court document filed on April 22, where the company contests the SEC’s request for a billion-dollar fine. This move by Ripple comes after the SEC targeted Ripple Labs with the hefty fine, further intensifying the ongoing conflict between regulators and cryptocurrency entities.
Alderoty, in a recent statement, highlighted the public nature of Ripple’s opposition to the SEC’s order. He criticized the SEC’s call for fines without any allegations or findings of recklessness or fraud and expressed confidence in the judge’s fair approach to resolving the case.
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