• A leading legal expert shared an update on the high-profile expected dates for the Ripple vs. SEC case.
• The industry was stunned by the recent notice from Wells to Robinhood.

Mark Feigel, a law veteran known for his expertise in securities litigation, recently provided a timeline and insight into the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). .

Feigel rejects premature conclusion of Ripple vs. SEC case

Fagel’s insight was in response to a post by Brett Hill, an ambassador for the Bitrue cryptocurrency exchange. In the post, Hills said that the Ripple v. SEC case will be finalized following Judge Torres’ decision regarding the fine against Ripple.

However, Fagel highlighted X’s post said the SEC plans to file a response brief on the remedies on Monday, but it could take a month or two for the court to reach a final decision.

“They have responded and the parties are awaiting a ruling on the strike motion. Tomorrow is the deadline for the SEC’s response summary on remedies. But it will likely be a month or two before the court rules. , it will take time. That’s why the above post is nonsense,” Feigel said.

They have responded and the parties are awaiting a ruling on the strike motion. Tomorrow is the deadline for the SEC’s response summary regarding the relief package. However, it will likely take a month or two before the court issues a decision. That’s why the above post is nonsense.

— Mark Fagel (@Marc_Fagel) May 5, 2024

As previously reported by Crypto News Flash, Ripple disputed the SEC’s pursuit of a $2 billion fine in a counter-preparation and argued for a reduction in the fine. The SEC insists on selling the securities that make up XRP, but Ripple disputes that it complies with regulations by using ODL contracts to minimize the potential for gains and losses.

In a recent update, the SEC filed a remedy, response summary, and supporting materials on Monday, according to a previous announcement in Crypto News Flash. Defense attorney James Phelan provided an update and emphasized that a publicly redacted version will be submitted on May 8th.

As part of the process for sealing materials related to a relief briefing, both parties and third parties must submit an omnibus letter of motion. Once this is complete, interested parties should submit suggestions for editing the material.

In addition, Ripple, the SEC, and third parties have until May 20th to file briefs in opposition to the omnibus letter motion to seal everything. Parties must publicly provide redacted copies of all documents within 14 days of action on a motion to seal all documents. Omnibus letter.

As of this writing, XRP is trading at the following prices: $0.5393shows an increase in 7% Over the past week, trading volume and market capitalization were $1.8 billion and $29.7 billion, respectively.

SEC scrutinizes Robinhood

Parallel developments are taking place and Robinhood Crypto is under SEC scrutiny.

Robinhood announced on Monday that it had received a Wells Notice from the SEC regarding tokens traded on its platform. Regulators alleged that Robinhood Crypto violated securities laws. However, it is important to note that a Wells Notice does not necessarily mean that a company has engaged in fraudulent activity.

inside the x postFeigel explained the relevance of the Wells notice and emphasized that the process will take several months to take effect.

What this means is that the SEC’s Enforcement Division will complete its investigation and recommend that the five commissioners be authorized to sue. This process typically takes several months to complete.

— Mark Fagel (@Marc_Fagel) May 6, 2024