The Ripple vs. SEC lawsuit has taken an unexpected turn, drawing new interest across the crypto world. A U.S. federal judge is now encouraging Ripple and the SEC to consider settling parts of their case to avoid a lengthy courtroom battle. This recommendation from Judge Phyllis Hamilton comes as Ripple prepares for a crucial appeal in January 2025 before the Second Circuit Court of Appeals.
Will they ever find common ground or will the drama continue indefinitely?
In a recent court filing, Judge Hamilton urged Ripple and the SEC to explore a different path instead of pursuing the full legal process on some claims. The judge suggested they consider dismissing certain claims “without prejudice,” meaning these claims could be revisited after the appeal concludes. This option could make the process more manageable for both sides as they approach the appeal.
Ripple, along with CEO Brad Garlinghouse and subsidiary XRP II, is advocating for a final judgment to prevent any future claims on the matter. Both Ripple and the SEC have been given until November 4 to respond to the judge’s proposal, deciding whether to accept this route or continue with the current proceedings.
Meanwhile, the SEC has revived charges against Ripple executives Garlinghouse and co-founder Chris Larsen, arguing that XRP sales violated securities laws. The SEC plans to submit its main appeal arguments by January 15, 2025, while Ripple has strengthened its legal team to face this intensified challenge.
The renewed SEC charges highlight its ongoing efforts to enforce securities regulations in the crypto sector.
Lead plaintiff Bradley Sostack, representing XRP holders, is joining Ripple and Garlinghouse in asking the court for a definitive ruling on Ripple’s alleged securities law violations. They are also pushing to pause other state-level claims until this main case is resolved.
The court has scheduled a pretrial conference on December 19, with jury selection and the trial to begin on January 21, 2025.
The January appeal in the Second Circuit Court of Appeals could be crucial in deciding the case’s outcome. The SEC’s revived claims against Garlinghouse and Larsen raise the stakes even higher, making this appeal a potentially pivotal moment for Ripple and the broader crypto market.
Despite the ongoing legal battles, XRP’s price remains steady around $0.52, though it has fallen 17% this month. As both Ripple and the SEC prepare for the January 2025 appeal, the outcome could significantly impact XRP’s market value and regulatory standing in the U.S.
As Ripple and the SEC gear up for their next showdown, all eyes are on the courtroom. Will 2025 be the year that brings clarity to XRP’s future?
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