Renowned pro-XRP lawyer, Fred Rispoli, has delivered a resounding blow to the Securities and Exchange Commission (SEC), confidently proclaiming that the commission’s case against Ripple is on the verge of collapse.
Respoli’s bold statement comes hot on the heels of a recent court order that not only lays out the timeline for the upcoming remedies phase but also hints at potential weaknesses in the SEC’s position.
A Strict Timeline Set
The court order has left no room for ambiguity, setting stringent deadlines for the remaining proceedings in the lawsuit. According to the schedule, all remedies-related discoveries must be completed by February 12, 2024.
The SEC is then expected to file its remedies brief by March 13, 2024, while Ripple has until April 12, 2024, to file any opposition. The SEC will have until April 29, 2024, to respond to any opposition raised by Ripple.
A Blow to the SEC’s Case
Attorney Rispoli believes that this recent court order, combined with the potential for an appeal, significantly weakens the SEC’s position in the lawsuit.
He argues that even if the SEC decides to appeal, a ruling from the Second Circuit is unlikely to be delivered before mid-2026. In the interim, numerous events could transpire that may further undermine the SEC’s case, leaving the commission in a precarious position.
“Game Over, SEC. You lost” boldly asserts Rispoli, leaving no room for doubt about his unwavering conviction that the commission has already lost the legal battle.
#SECvsRipple The remedies-related discovery schedule is set. There is no chance a 2nd Cir. ruling on an appeal by either party (if one is ever filed) is issued before mid-2026. Think of everything that will happen between now and then.
Game Over, SEC. You lost.#XRPCommunity
— Fred Rispoli (@freddyriz) November 13, 2023
A Foiled Attempt to Appeal
The SEC had previously indicated its intention to appeal the case, attempting to file an interlocutory appeal following the court’s summary judgment.
The commission claimed that the ruling on programmatic sales of XRP raised critical questions of law. However, the court swiftly denied the SEC’s request, stipulating that all pending issues must be resolved before an appeal could be pursued.
A Strategic Move to Expedite Resolution
In a recent strategic move aimed at expediting the resolution of the lawsuit, the SEC dropped its charges against Ripple executives Brad Garlinghouse and Chris Larsen. With the focus now shifting to determining the appropriate fine that Ripple must pay for violating securities laws through its institutional sales of XRP, the legal battle enters a crucial phase.
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Rispoli’s Assessment Mirrors Sentiments
Rispoli’s assessment aligns with the growing sentiment within the XRP community. The recent court orders and the dismissal of charges against Ripple executives have been celebrated as significant victories for the company, further bolstering its position.
While the possibility of an appeal still looms, the SEC’s prospects for success appear increasingly uncertain. The remedies phase of the lawsuit is expected to shed further light on the weaknesses in the SEC’s case, potentially paving the way for a favorable outcome for Ripple.
These recent developments in the Ripple-SEC legal battle have injected a renewed sense of optimism among XRP supporters. Rispoli’s confident declaration of “game over” for the SEC resonates with the mounting belief that Ripple is well on its way to emerging victorious from this protracted legal ordeal.