In the recent developments concerning the legal dispute between Ripple and the United States Securities and Exchange Commission (SEC), Magistrate Judge Sarah Netburn has set firm deadlines for the regulatory agency to respond to Ripple's motion.

New Schedule Order Issued by Judge

On April 25, Magistrate Judge Netburn issued a fresh schedule order regarding the prolonged legal clash between Ripple and the SEC.

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James K. Filan, a former federal prosecutor and defense attorney, shared details of the schedule order in a post on X (formerly Twitter). The order stipulates that the SEC must file a rebuttal to Ripple's Motion to Strike by April 29, 2024. Subsequently, Ripple is required to submit a response within three business days.

This order holds significance in Ripple's case against the SEC, as it could potentially address the SEC's recent submission of its motion to bolster remedies and finalize judgment. Earlier, on April 22, Ripple filed a motion to strike the SEC's newly presented expert materials, arguing that the regulator had introduced the filings beyond the designated timeframe, thereby violating discovery rules.

The digital asset payment company had contested the $2 billion penalty imposed by the regulator in April, deeming the SEC's demands excessive and urging the court to impose a civil penalty not exceeding $10 million. Ripple has maintained its stance that XRP was not intended as an investment vehicle and therefore should not be categorized as a security.

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Further Developments in Ripple-SEC Case

The Ripple-SEC case remains a significant legal battle with potential implications for the broader cryptocurrency space and financial industry. The case continues to evolve, with regular updates and adjustments.

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Recently, Magistrate Judge Sarah was nominated as the District Judge in the Southern District of New York. Although presiding over the Ripple-SEC case, she has yet to issue a final ruling on Ripple's penalty despite the SEC's extravagant demands.

Despite her pro-crypto stance, Magistrate Judge Netburn is committed to delivering a fair judgment, considering the arguments of both parties and deciding on the penalties or resolution of the case. Overall, the wider crypto community remains attentive as the legal battle unfolds, with many members of the XRP community supporting Ripple's position and criticizing the SEC's enforcement actions in the cryptocurrency sphere.