News

Ripple vs. SEC: Expert Predicts Timeline For XRP Lawsuit Verdict

Exciting times are ahead as the Ripple vs. SEC lawsuit nears its end! Experts anticipate Judge Torres’ final ruling in September. While settlement and appeal could both be options. Interestingly, amidst this lawsuit, the XRP price is up by 5% in a week and could rally to $1. This came after the US SEC submitted its final reply brief and supporting exhibits regarding remedies in the Ripple lawsuit. 

Renowned defense attorney James Filan shared this update on X yesterday, noting that the motions remain sealed. Filan mentioned that the SEC’s filing will stay sealed until May 8, when a redacted version will be publicly filed. Notably, the SEC and Ripple representatives will convene today, May 7, to determine necessary redactions before unveiling the documents. 

What’s Inside SEC’s Reply Brief?

Although the SEC’s reply remains sealed, legal analysts claim the documents counter Ripple’s arguments against the regulator’s initial remedies brief. Previously, the SEC requested a hefty fine of nearly $2 billion against Ripple for violating federal securities laws through its institutional sales of XRP. This request followed Judge Analisa Torres’ ruling last July, which found the San Francisco-based firm breached securities laws for selling XRP to institutions.

In its initial remedies brief, the SEC filed for a stay against Ripple to prevent future violations. Ripple argued that the SEC’s injunction and disgorgement were unnecessary. The Bitcoin payments company claimed the SEC failed to justify an injunction or disgorgement. Ripple also contended that the civil penalty should not exceed $10 million, unlike the SEC’s $876 million.

Notably, the SEC is anticipated to rebut Ripple’s arguments, clarifying why the court should favor its requests over Ripple’s.

Bold Predictions on Final Timeline

Experts are predicting the final ruling to end this year. However, Ashley Prosper, a well-known member of the XRP community, thinks Judge Analisa Torres could deliver her final decision between July and September 2024. He also mentioned the chance of the parties settling then.

Despite what happens, Prosper is determined to stick it out until the end. It’s important to note that this timeline is speculative, and there’s no assurance that the judge will deliver the final verdict within the projected period. 

SEC To Appeal, If? 

Prosper’s prediction follows his earlier suggestion that one of the parties might appeal the ruling. If an appeal happens, the SEC v. Ripple case could drag on beyond 2025. Previously, the SEC tried to appeal a partial victory for Ripple in the summary judgment decision.

However, Judge Torres stopped this move, telling the agency to wait until all issues were resolved. Depending on the final verdict and timeline, the SEC might appeal in the Second Circuit or accept the ruling without further action if it’s in their favor.

SOURCE

Leave a Comment

EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl