XRP Lawsuit Advances to Settlement Phase: Judge Sets Strict Rules for Ripple and SEC

• XRP lawsuit transitions to the settlement phase, marked by Judge Analisa Torres’ defined rules for Ripple and the SEC.
• Discovery terms center around pre-complaint events, with Ripple having the authority to challenge post-complaint discoveries.

The XRP lawsuit involving Ripple and the SEC has entered the settlement phase, overseen by Judge Analisa Torres. The judge has set clear ground rules for both parties, focusing on discovery terms that revolve around events preceding the SEC’s initial complaint against Ripple.

In this crucial settlement phase, Judge Torres has delimited the permissible discovery terms to events before the SEC’s complaint. Both Ripple and the SEC have agreed to this scope, signifying a strategic concentration on the early stages and genesis of the dispute.

Ripple has consented to the discovery terms, provided they strictly adhere to pre-complaint events. Ripple’s retention of the right to challenge any discoveries related to post-complaint events is noteworthy. The fintech firm emphasizes its readiness to appeal to the court if necessary.

The schedule for the settlement phase outlines specific timelines for both the SEC and Ripple. The SEC is granted 90 days, starting from the entry of the scheduling order, for conducting related discoveries. In parallel, Ripple has 45 days from the scheduling order to submit an updated report by Anthony M. Bracco, a key witness in the case.

Deposition and Rebuttal: SEC’s Permissions, Ripple’s Right to Object

Within the defined framework, the SEC can depose Bracco within 90 days following the scheduling order. Additionally, the regulator can present a rebuttal expert report or submit a summary witness declaration to counter Bracco’s findings. Ripple retains the right to object to such reports or declarations, maintaining a checks-and-balances approach.

Aligned with the Federal Rules of Civil Procedure, any requests for third-party discovery will necessitate court approval. This stipulation ensures compliance with procedural norms and ongoing judicial oversight throughout the settlement process.