Cryptocurrency

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.

Read Also: Number of XRP Held by Ripple Goes Below 50% of Total Outstanding Supply for the First Time 

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.

Read Also: Billionaire Mike Novogratz Explains Why He Expects Bitcoin to Massively Outperform His Earlier Predictions For 2022

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.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

Recent Posts

5 Profitable Cryptos to Watch for Big Rewards This Year

The blockchain landscape has evolved tremendously over the past few years, with many projects seeking…

57 mins ago

Beyond the Basics: Plus Wallet’s Revolutionary Approach to Storing Bitcoin, Ethereum, Binance And More Crypto Storage

In the expanding universe of cryptocurrency, the tools that enhance ease of use and security…

3 hours ago

Why Wait? Access New Tokens in 15 Minutes with Plus Wallet—Here’s How!

As we navigate through 2024, the array of crypto wallets expands, but Plus Wallet has…

4 hours ago

Top Exchange Sparks Discussion On “XRP Unleashed” Documentary

In a recent tweet, Bitrue, one of the leading cryptocurrency exchanges, sparked a discussion regarding…

5 hours ago

Qubetics in the Spotlight: The Documentary That Could Redefine the Future of Blockchain

On October 21, a documentary featuring some of the most influential names in the crypto…

8 hours ago

Bitcoin Holder Awakens After 11 Years of Inactivity, Makes Whale-Sized Investment in Rexas Finance (RXS) Following CoinMarketCap Listing Announcement

In a tale where things were unexpected, excitement-filled news was about a wallet that kept…

12 hours ago