Ripple vs SEC: Expert Reveals Key Timeline in XRP Lawsuit

Excitement mounts as the Ripple vs. SEC legal showdown edges closer to its climax. Judge Torres’ final ruling is expected in September, with settlement or appeal on the horizon. Surprisingly, amidst this legal turmoil, XRP’s price has surged by 5% within a week, signaling a potential rally to $1.

This surge coincided with the US SEC’s submission of its final reply brief and supporting exhibits regarding remedies in the Ripple lawsuit.

Revelation Day: May 8

Renowned defense attorney James Filan shared an intriguing update yesterday, shedding light on the proceedings. However, the suspense continues as the motions remain sealed until May 8, when they will be publicly unveiled in a redacted form. Today, May 7, marks a pivotal moment as SEC and Ripple representatives convene to decide the necessary redactions before the documents are revealed.

What’s Inside SEC’s Reply Brief?

Although the SEC’s reply remains sealed, legal analysts claim the documents counter Ripple’s arguments against the regulator’s initial remedies brief. Previously, the SEC requested a hefty fine of nearly $2 billion against Ripple for violating federal securities laws through its institutional sales of XRP. This request followed Judge Analisa Torres’ ruling last July, which found the San Francisco-based firm breached securities laws for selling XRP to institutions.

In its initial remedies brief, the SEC filed for a stay against Ripple to prevent future violations.

In response, Ripple vehemently opposed the SEC’s demands, arguing against the necessity of injunctive relief and disgorgement. The company contended that the SEC’s proposed civil penalty of $876 million far exceeded what was justifiable, advocating for a more modest sum of $10 million.

Final Countdown: What Do the Experts Think?

Experts are predicting the final ruling to end this year. However, Ashley Prosper, a well-known member of the XRP community, thinks Judge Analisa Torres could deliver her final decision between July and September 2024. The analyst also mentioned the chance of the parties settling then.

Nonetheless, it’s crucial to temper expectations, as the actual timeline remains speculative, subject to the court’s discretion.

What‘s Coming?

Prosper’s foresight extends to the potential for an appeal, a scenario that could prolong the legal tussle well into 2025. Notably, the SEC’s previous attempt to appeal a partial victory for Ripple was halted by Judge Torres, who urged the agency to await resolution on all fronts.

What’s your prediction for the final verdict? Will Ripple win or settle? Share your thoughts.

Also Check Out : Ripple’s $770 Million Fine is ‘Unjustified’: Legal Experts Slam SEC