Legal Experts Forecast a Possible Timeline For the Ripple vs SEC Battle

Attorney Rispoli predicted according to a recent post on X, that Judge Torres could issue the final ruling this month, specifically on July 31. He also mentioned that the ruling might come on July 13 for symbolic reasons.

Rispoli’s estimate suggests that while July 31 is the more probable date for the final verdict, July 13 holds significance within the XRP community, potentially motivating Judge Torres to issue the decision earlier than expected.

Read Also: Coinbase Fights Back Against SEC’s Restriction on Gary Gensler

Source: x.com/CryptoAms020

The significance of July 13 lies in it being the date when Judge Analisa Torres issued the long-awaited summary judgment decision, affirming that XRP itself is not a security and that Ripple did not breach federal securities laws through its programmatic sales and other distributions. However, the court ruled in favor of the SEC on institutional sales of XRP, deeming it a violation of Section 5 of the Securities Act.

Currently, this violation is under litigation in the remedies phase of the lawsuit. The SEC has sought a $1.95 billion fine and a permanent injunction as repercussions for Ripple’s violation, while the company aims to limit the penalty to $10 million. The remedies-related briefs were submitted in May, and Ripple has filed two notices of supplemental authority, citing the Binance and Terra decisions to argue against severe penalties. The specific penalty that Judge Torres could impose against Ripple over its institutional sales of XRP remains uncertain.

Other Legal Expert Projection

In addition to Attorney Rispoli, Yassin Mobarak, a prominent crypto entrepreneur and founder of Dizer Capital, also anticipated that Judge Torres could issue the final judgment this month. Mobarak pointed out that July has historically been a month for pivotal decisions in the lawsuit. Notably, Judge Torres issued the summary judgment decision in July 2023. Mobarak highlighted the temporal alignment between significant XRP decisions and his overseas vacation plans, suggesting the possibility of the court issuing the final verdict during his upcoming vacation.

Read Also: Terra Classic Community Rallies Behind Strath Wallet Integration: A Sign of Revival?


Follow us on Twitter, FacebookTelegram, and Google News

  • 67 Posts
  • 0 Comments
Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael's expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.
Loading...