The SEC must file its remedy-related brief by March 22 and Ripple by April 22. The remedy-related briefs could give insights into the likely outcome of the SEC v Ripple case.

While the outcome needs consideration, SEC plans to appeal against the Programmatic Sales of XRP remains the focal point. In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP do not satisfy the third prong of the Howey Test.

A settlement would end SEC plans to appeal the ruling. However, hopes for a settlement have diminished as the SEC v Ripple case nears a conclusion. Fading hopes of a settlement have shifted focus to the SEC v Coinbase (COIN) case. A Coinbase victory may significantly alter SEC plans to appeal against the Programmatic Sales ruling.

Immediate investor attention is on the Coinbase Motion to Dismiss (MTD). In August 2023, Coinbase filed an MTD, arguing the SEC lacks the statutory authority to regulate crypto exchanges. If Judge Katherine Failla grants the MTD, legal precedence could end the SEC reign of regulation through enforcement. More importantly, an SEC loss may force the SEC to settle the Ripple case.

Coinbase Petition for Ruling Making and Conflicting SEC Statements

On Tuesday, Ripple Chief Legal Officer Stuart Alderoty shared a post from Coinbase Chief Legal Officer Paul Grewal. Paul Grewal posted highlights from the Coinbase filing to contest the SEC decision to deny the rulemaking petition, saying,

“Don’t want to read our entire 78-page brief in our Third Circuit suit against the SEC? Just read this to understand how broken the Commission’s approach has been.”