Lawyers Provide Insight on Ripple vs SEC Settlement Appeal and More Will Ripple Reach a Resolution
The cryptocurrency community is eagerly anticipating the final verdict in the high-profile legal battle between Ripple and the US Securities and Exchange Commission (SEC). This case, which could result in fines amounting to $2 billion, holds significant importance for the future of crypto regulations.
There is a possibility of a settlement in this matter, according to prominent lawyers such as Marc Fagel and James Farrell, who are former SEC attorneys. However, Jeremy Hogan, a partner at Hogan & Hogan, believes that while a settlement is possible, it is unlikely due to Ripple’s recent successes in court. The SEC is seeking to unseal filings that could impact the amount of the penalty, but Ripple has argued against the relevance of historical contracts.
Experts have provided their insight regarding the possibility of the SEC appealing the decision on XRP’s security status. Kristina Littman, the former SEC Crypto Enforcement Chief, suggests that the SEC may choose not to appeal Judge Torres’ ruling on XRP in order to avoid a review by the Circuit Court. The recent ruling by the Second Circuit Court, which states that secondary crypto sales are not considered securities, supports Judge Torres’ decision on XRP. This ruling has been seen as a significant victory for the crypto industry by Paul Grewal, Coinbase’s Chief Legal Officer. Meanwhile, lawyer James Murphy, also known as MetaLawMan, believes that the tokens in the Coinbase case are not securities.
Tristan Leavitt, the president of Empower Oversight, has highlighted suspicious responses from the SEC regarding relevant records, leading to a new request for more information under the Freedom of Information Act (FOIA).
Legal experts, including Fred Rispoli, predict that Judge Torres could issue a final judgment on remedies and injunctions within 60 to 90 days after the submission of the last brief. This could potentially eliminate the need for further rulings on expert witnesses. Given the ongoing developments and potential delays caused by the election year, the final ruling is expected to be announced between August and September.
The legal battle has put significant financial strain on Ripple, with CEO Brad Garlinghouse revealing that the company has spent over $200 million in defense against the SEC’s claims. The SEC’s recent losses, including those against Ripple executives, have added to the pressure. XRP holders are now eagerly awaiting the judge’s decision on final judgment motions in the remedies phase.
In conclusion, with the upcoming election year and the potential departure of SEC Chairman Gary Gensler if President Trump is re-elected, this legal battle could be a turning point for both Ripple and XRP. While the status of XRP remains uncertain, lawyers believe that the SEC is under immense pressure to resolve all pending crypto-related cases, making it likely that they will settle with Ripple in a low-profile agreement.
Also Read: Coinbase Takes Legal Action Against SEC and FDIC, Calls for Transparency in Crypto Regulations