The legal battle between the SEC and Ripple is approaching its conclusion, with a judge expected to deliver a ruling by September 2024.
The SEC is seeking an approximately $2 billion fine against Ripple, alleging violations of securities laws in relation to XRP sales.
Interestingly, despite the ongoing lawsuit, the price of XRP has surged by 5% in the past week, possibly in response to the SEC’s submission of its final arguments.
As the legal saga between Ripple and the US Securities and Exchange Commission (SEC) inches closer to its climax, anticipation builds among investors and enthusiasts. Judge Analisa Torres is expected to deliver her final ruling in September, setting the stage for either a settlement or an appeal. Meanwhile, amidst this legal turmoil, XRP’s price has experienced a surprising surge of 5% within a week, suggesting a potential rally to $1.
XRP Revelation Day: May 8
Renowned defense attorney James Filan recently shared an intriguing update, offering glimpses into the ongoing legal 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, represents a pivotal moment as representatives from both the SEC and Ripple convene to finalize the necessary redactions before the documents are disclosed.
What’s Inside SEC’s Reply Brief?
While the SEC’s reply remains sealed, legal analysts speculate on its contents, suggesting that the documents likely counter Ripple’s arguments against the regulator’s initial remedies brief. Previously, the SEC sought a substantial fine of nearly $2 billion against Ripple for alleged violations of federal securities laws through its institutional sales of XRP. This request followed Judge Analisa Torres’ ruling last July, which found Ripple guilty of breaching securities laws.
In its initial remedies brief, the SEC requested a stay against Ripple to prevent future violations, prompting Ripple to vehemently oppose these demands. Ripple argued against the necessity of injunctive relief and disgorgement, contending that the SEC’s proposed civil penalty far exceeded what was justifiable.
Final Countdown: Expert Predictions
Experts foresee the final ruling concluding later this year, with Ashley Prosper, a prominent member of the XRP community, suggesting that Judge Analisa Torres could deliver her decision between July and September 2024. Prosper also speculates on the possibility of a settlement between the parties. However, it’s essential to approach these predictions with caution, as the actual timeline remains speculative and subject to the court’s discretion.
What’s Next?
Looking ahead, there is the potential for an appeal, a scenario that could prolong the legal battle into 2025. Notably, the SEC’s previous attempt to appeal a partial victory for Ripple was halted by Judge Torres, who advised the agency to await resolution on all fronts.
As the legal drama unfolds, speculation abounds regarding the final verdict. Will Ripple emerge victorious, or will the parties reach a settlement? Share your thoughts and predictions on the outcome of this high-stakes legal showdown.
