While the XRP community is eagerly awaiting a decision in the lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC), senior managing partner at Hold Law, Fred Rispoli, has provided insights into the expected timeline and potential outcomes of the case. Through a series of responses on X, Rispoli engaged with users, offering an analysis into the legal intricacies and forecasting possible scenarios as the case nears its pivotal juncture.
XRP Lawsuit: When Does The Remedies Ruling Come?
Fred Rispoli, known for his advocacy for Ripple’s position, has set the community’s expectations by predicting a ruling by end of July/early August. Notably, he mentioned the possibility of Judge Analisa Torres issuing the decision on July 13, described as a “poetic” choice given its historical significance in the case.
“I’m predicting we have a ruling by [the] end of July/early August. Although Judge Torres could get poetic and issue it on July 13,” he stated. On July 13, 2023, Judge Torres handed down a summary judgment, marking a decisive victory for Ripple by classifying XRP as a non-security. This landmark ruling resulted in a 100% price surge of XRP within a single day, highlighting its impact on market dynamics.
Addressing the community’s queries about the potential for a settlement, Rispoli was unequivocal in his skepticism. “The case can always settle beforehand but I put that at 0% now,” he stated. This stark assessment underscores the entrenched positions of both Ripple and the SEC as they approach the final stages of litigation. Rispoli also noted that any issues not addressed in the upcoming ruling could still be subjects of settlement discussions post-decision.
In response to a question from X user XRPamici about the appeal possibilities for the SEC, Rispoli clarified a critical aspect of the case’s appeal dynamics. He explained that the SEC “cannot appeal anything to do with its claims against Brad Garlinghouse and Chris Larsen relating to Institutional Sales,” due to these claims being dismissed with prejudice. However, the door remains open for the SEC to appeal decisions related to Programmatic Sales of XRP.
A unique procedural question arose regarding the roles of Judge Sarah Netburn and Judge Analisa Torres in the sequence of judicial decisions. Rispoli elaborated that both judges could potentially coordinate to bypass the need for a separate ruling from Judge Netburn on the SEC’s use of expert witness Andrea Fox, should Judge Torres find a way to circumvent relying on that testimony.
Such a scenario, Rispoli noted, would likely emerge from a ruling favoring Ripple, thereby simplifying the proceedings and possibly accelerating the final judgment. “Netburn and Torres can confer and determine that the issue before Netburn (the SEC’s “extra expert”) does not need to be ruled upon because Torres sidesteps the need to rely on that witness for her ruling (a scenario that only happens with a ruling favorable to Ripple),” Rispoli noted.
In early May, Jeremy Hogan, another prominent pro-XRP lawyer, mirrored Rispoli’s anticipation of a July ruling but expressed his readiness for an unexpected delay, saying “I’ll start watching out for a ruling in July and will be like wtf?!? in September.”
At press time, XRP traded at $0.48709.
Featured image from YouTube / Ray Fuentes, chart from TradingView.com
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