Ripple vs. SEC Lawsuit Update As of July 10th, 2024

The legal battle between Ripple and SEC pushes to a potential conclusion. After 61 days since both parties submitted their final arguments, the XRP community awaits a critical decision on the remedies and penalties phase of the lawsuit.

Social media is alert with speculation about the possible date for a ruling. Prominent XRP lawyer Fred Rispoli sparked the conversation by suggesting a potential decision as early as Friday.

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This date coincides with the first anniversary of the summary judgment ruling by Judge Sarah Netburn. In that ruling, Judge Netburn determined that XRP wasn’t a security, a significant legal victory for Ripple.

Outstanding Motion Creates Procedural Uncertainty

However, another lawyer, Bill Morgan, pointed out a potential hurdle. An outstanding motion filed by Ripple on April 29th requests Judge Netburn to remove new expert witness materials presented by the SEC.

These materials include testimony and evidence from a new expert, Andrea Fox. The outcome of Judge Netburn’s decision on this motion could be crucial. If Ripple prevails, it could pave the way for Judge Analisa Torres, presiding over the main case, to issue a final ruling without needing further resolution on this specific issue.

Potential for Ruling Despite Outstanding Motion

While the outstanding motion adds complexity, Rispoli believes it doesn’t necessarily prevent a ruling on remedies and penalties. He suggests that Judges Torres and Netburn could collaborate, with Judge Torres potentially informing Judge Netburn that her ruling on the case would render a decision on the expert witness issue unnecessary.

Despite the anticipation surrounding a potential ruling, the XRP price hasn’t shown any significant fluctuations at the time of writing. It currently trades at $0.435, suggesting the market remains cautious or uncertain about the outcome.

The SEC filed a lawsuit against Ripple in December 2020, alleging that Ripple had raised over $1.3 billion through an unregistered securities offering of XRP. Ripple has consistently denied these charges, arguing that XRP is a currency.

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The summary judgment ruling in July 2023 was a major turning point. While it didn’t decide the entire lawsuit, it provided a significant advantage for Ripple. The focus then shifted to the remedies and penalties phase, bringing the case closer to the conclusion.

A final ruling could have significant implications for both Ripple and the cryptocurrency industry as a whole. A decision that favors Ripple would provide much-needed clarity on the regulatory landscape for digital assets. Conversely, a ruling in favor of the SEC could have a chilling effect on cryptocurrency innovation.

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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