In the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, Judge Analisa Torres has requested the parties to propose a joint briefing schedule for the remedies phase. This phase will determine the actions taken against Ripple Labs for allegedly violating federal securities laws through the sale of its digital asset, XRP. The SEC’s allegations pertain to Ripple’s sale of over $770 million worth of XRP to institutional clients. The court has also adjourned the trial for its claims against Ripple executives indefinitely. Ripple Labs may argue for exemptions from potential penalties by citing various expenses. Legal experts believe that Ripple may not be burdened with a massive fine. The outcome of this case will have implications for Ripple Labs and the cryptocurrency industry as a whole.
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