Ripple CTO, David Schwartz, has stated that he anticipates Judge Analisa Torres to rule on the summary judgment in the SEC v. Ripple lawsuit before the end of September 2023.
Schwartz made this statement in a tweet yesterday in response to growing angst in the XRP community over the amount of time the lawsuit has been pending. This means that Schwartz is expecting Judge Torres’ decision before the end of the third quarter, or else he will begin to suspect something is wrong.
David Schwartz tweeted, “I know waiting is annoying and we’d all love to have a ruling on summary judgment motions as soon as possible, but I wouldn’t think anything was wrong, unusual, or strange until at least the end of September.”
I know waiting is annoying and we'd all love to have a ruling on summary judgment motions as soon as possible, but I wouldn't think anything was wrong, unusual, or strange until at least the end of September.
— David "JoelKatz" Schwartz (@JoelKatz) July 10, 2023
Read Also: Attorney John Deaton Explains What Could Be At Stake for XRP Holders if Ripple Loses
According to CryptoLaw founder attorney John Deaton, if Judge Torres does not rule by September 30th, she will be placed on the six-month bad judge list.
Deaton further mentioned that Judge Torres has a reputation for taking a long time to rule on summary judgment motions in past cases, for example, she has yet to rule on a summary judgment motion submitted in the Thor Equities case in December 2022.
I agree. On September 31, Judge Torres would be placed on the 6 month naughty judge list for the first time and her decision would be pending over 9 months. I didn’t review every case she has had but I didn’t find any that were longer than 9 months (although one was slightly…
— John E Deaton (@JohnEDeaton1) July 10, 2023
According to Deaton, Judge Torres is most likely delaying the SEC v. Ripple judgment because she recognizes the significance of the decision. The decision could have a big impact on cryptocurrency regulation in the United States in the future.
A favorable verdict for Ripple might lead Congress to enact clear industry guidelines, whereas a favorable ruling for the SEC could see the regulatory agency continue its aggressive enforcement activities against crypto firms.
In the N.Y. District Carpenter’s fund case, Judge Torres’ summary judgment ruling took over EIGHT MONTHS from the Reply Briefs.
— John E Deaton (@JohnEDeaton1) July 10, 2023
Bottom Line
The SEC v. Ripple summary judgment ruling is still pending, although Ripple CTO David Schwartz and CryptoLaw founder attorney John Deaton both expect it will be issued by the end of September 2023. The decision could have a big impact on cryptocurrency regulation in the United States in the future.
Read Also: Ripple CTO Highlights How Bitso Facilitates Billions in XRP Remittances Without Operating in the US
What to Expect from the Summary Judgment Decision
The SEC v. Ripple summary judgment might have a significant impact on the future of cryptocurrency regulation in the United States.
If Judge Torres finds in Ripple’s favor, it may set a precedent that makes it more difficult for the SEC to initiate enforcement actions against other cryptocurrency companies. This could result in greater clarity and predictability for the industry, attracting more investment and innovation.
If Judge Torres finds in favor of the SEC, it may set a precedent that makes it simpler for the SEC to regulate cryptocurrencies in the future. This might cool the industry since companies may be less eager to offer innovative products or services if they fear falling foul of the SEC.
Finally, the summary judgment decision’s outcome will have a huge impact on the future of cryptocurrency legislation in the United States. Investors and businesses should keep a careful eye on the case as it unfolds.
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