In a new update on the ongoing legal case involving the Ripple Labs and the US Securities and Exchange Commission (SEC) have released important dates in the case. Recently, the U.S. judge in the United States District Court for the Southern District of New York entered a scheduling order related to the company's motion.
Magistrate Sarah Netburn filed an scheduling order regarding Ripple's motion seeking to eliminate new specialized materials that the SEC had filed in support of its document relating to remedies and entry of final judgment.
The regulator will have until April 29 to submit a response to the motion. The company will have three working days to present its response.
It is worth remembering that, recently, Ripple opposed the US$2 billion fines proposed by the SEC. Ripple's chief legal officer, Stuart Alderoty, highlighted that the company's opposition to the SEC's order has been made public.
Ripple opposition
The giant Ripple presented its opposition to the request of the US Securities and Exchange Commission (SEC) for the company to pay a billion-dollar fine of around US$2 billion. The company filed a court document on April 22.
Last month, the United States Securities and Exchange Commission (SEC) set its sights on a whopping $2 billion fine against Ripple Labs, the driving force behind the cryptocurrency XRP. This bold move, announced by Ripple's chief legal officer Stuart Alderoty, marked yet another chapter in the ongoing confrontation between regulators and crypto entities.
Alderoty recently reported that the Company opposition to SEC order became public.
“Our opposition to the SEC’s call for $2 billion in fines for legacy institutional sales is now public. In a case that had no allegations (or findings) of recklessness or fraud, and in which Ripple prevailed on significant issues, the SEC's order is just further proof of its continued bullying of all cryptocurrencies in the US. We remain confident that the judge will approach this final phase of solutions fairly,” he wrote in a post on X on April 22.
