In news that has grabbed considerable attention in the crypto space, particularly within the XRP community, the Chief Technical Officer (CTO) at Ripple, David Schwartz, has speculated when the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple will be concluded.
Speaking in an interview with The Thinking Crypto founder and host Tony Edward, the Ripple CTO confidently asserted that he sees the legal dispute final ruling happening this year.
In exact words, Schwartz remarked, “There is some reasonable chance that the lawsuit could be resolved in 2024.”
Why David Schwartz’s Assertion Is Likely
The Ripple CTO David Schwartz might not have backed up his claims with any facts. However, those who have followed the legal dispute between the SEC and Ripple will agree that the legal battle is on the verge of concluding soon.
Notably, the court case between both parties is at a stage tagged “The remedies litigation,” the last phase for a legal dispute at the district court level.
According to the court schedule set by Judge Torres, everything regarding the pending legal dispute is expected to end by April 29, 2024. The said date is the deadline for the regulatory body to file its reply to Ripple’s opposition.
Should the SEC file a tenable to Ripple’s opposition before the given timeframe, the court will decide how best to penalize the crypto platform for violating crypto security regulations. Most legal experts expect Judge Torres to conclude everything about the remedies ruling in the early summer of 2024.
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Ripple’s Previous Wins Against The SEC In 2023
2023 witnessed significant decisions in the SEC V.S. Ripple legal dispute, creating the narrative of a potentially favorable court ruling for the crypto outlet.
The first significant win in the legal dispute occurred in mid-July 2023 when the presiding Judge ruled XRP as a non-security asset.
A few months after securing its first landmark victory, Ripple scored another big win. This time, SEC saw its motion to file an interlocutory appeal against Ripple denied by the court.
As if that was not enough, the court went ahead to sign the dismissal of the SEC case against Ripple’s executives around late October 2023.
Barring any new development or twist in the already protracted lawsuit, we anticipate the court case resolution before 2024 runs out. Otherwise, it could extend to 2025 or even beyond.