The long-running legal battle between Ripple Labs Inc. and the U.S. Securities and Exchange Commission (SEC) appears to be nearing its final chapter. The case, which began in December 2020, has significantly hindered XRP’s growth.
Although many experts believe the lawsuit will end in late 2024, prominent attorney and XRP advocate Fred Rispoli recently offered a much shorter timeline for the case’s conclusion. Rispoli suggests a verdict could arrive as soon as July 31. However, he also points out that the judge could deliver the verdict on July 13 in a poetic move referencing a previous ruling.
July 13 coincides with the anniversary of Judge Analisa Torres’ summary judgment in July 2023. In that ruling, Judge Torres declared that XRP itself is not a security, and although some institutional XRP sales might have constituted unregistered securities offerings, non-institutional XRP sales were not securities offerings. This distinction offered Ripple a partial victory, but the case continued to determine the appropriate remedies.
Determining Ripple’s Damages
The focus of the case shifted to the issue of remedies. The SEC argues that Ripple should be held liable for $1.95 billion. Ripple, on the other hand, maintains that the SEC’s demands are excessive and argues for a much smaller penalty, proposing a maximum figure of $10 million.
Despite the ongoing legal battle, Ripple has remained resolute in its defense. The company contends that the requested disgorgement amount is disproportionately high and the SEC’s claims lack merit. Both parties have presented arguments before the court and await the judge’s decision.
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Read Also: Ex-SEC Director Says Over 75,000 XRP Holders’ Lawsuit Against SEC Is “a Losing Case”. Here’s why
Potential Impact on the XRP Market
The outcome of the Ripple v. SEC case carries significant implications for the XRP market. A favorable verdict for Ripple, potentially including a lower disgorgement amount, could boost investor confidence and lead to a price increase for XRP.
However, a ruling favoring the SEC, demanding a substantial disgorgement, could dampen investor sentiment and negatively impact the XRP market.
With the final submissions from both parties completed, a verdict from Judge Torres is anticipated soon. The resolution of this case will also set a precedent and provide much-needed clarity for the cryptocurrency industry regarding the classification and regulation of digital assets. An ex-Ripple director believes XRP can surge significantly if the judge rules in Ripple’s favor.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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