Update on Ripple v. SEC Case: New Schedule Set for Crucial XRP Briefing

As the cryptocurrency community eagerly awaits the resolution of the lengthy legal battle between Ripple and the United States Securities and Exchange Commission (SEC), the court has approved revised deadlines for remedies briefing.

According to recent information shared by defense attorney James K. Filan on March 14, the updated timeline allows the SEC to submit its opening brief by March 22, Ripple’s opposition by April 22, and the regulator’s reply by May 6.

Judge Analisa Torres ruled in July 2023 that Ripple’s sales of XRP to retail buyers were not considered securities sales, whereas institutional XRP sales were deemed securities. Currently, both parties are working towards reaching an agreement on the damages Ripple must pay.

The SEC’s request for the change in briefing deadlines, including the opening brief, Ripple’s opposition, and the SEC’s reply, was approved on February 27. The regulatory watchdog’s legal team cited “good cause” under the Federal Rule of Civil Procedure and emphasized their diligence in completing remedies-related discovery and briefing.

Ripple, having previously received an extension for the initial discovery deadline from Magistrate Judge Sarah Netburn, agreed to the SEC’s petition, which also grants them nine additional days to file their opening brief.

While the crypto community anxiously anticipates the conclusion of the SEC vs. Ripple case, it may not reach a final resolution before 2026 due to potential appeals. Recent observations by the European Corporate Governance Institute have added complexity, noting the distinction in XRP’s status as a security when sold on exchanges versus directly to institutional investors.

Despite the legal uncertainties, XRP was trading at $0.6242 at the time of writing, marking a 10.24% decline for the day but maintaining a monthly gain of 12.53%, according to the latest chart data on March 15.