When Will the Ripple v. SEC Lawsuit End? Lawyer Chips In
TL;DR
- Legal experts predict the Ripple v SEC case might conclude soon, with possible penalties but no disgorgement.
- The lawsuit’s outcome could significantly impact XRP’s price and the broader crypto market.
Is It Finally Time for a Resolution?
The legal spat between Ripple and the US Securities and Exchange Commission (SEC) has been ongoing for over three and a half years. Even though it entered its trial phase in April, an outcome is still yet to come.
Some industry participants have jokingly predicted that the lawsuit might take several more years before getting resolved. Others, though, believe the end could be just around the corner.
One example is the American attorney Fred Rispoli. He recently touched upon the latest developments surrounding the Ripple v SEC case, outlining July 31 as a possible date for a final judge ruling. He also argued the outcome will include a penalty of no more than $25 million for the company and $0 disgorgement.
“Judge rules all sales she deemed illegal are permanently enjoined, and rules all the “new” contracts referenced by Ripple are not properly before her, so SEC will have to sue again if it believes these violate her ruling,” the lawyer added.
Another person who thinks the legal battle may officially end this summer is the American attorney Jeremy Hogan. Nonetheless, he envisioned a $100 million settlement:
“I’m saying that the Judge will order 0 disgorgement but throws the SEC a bone and orders Ripple to pay a $100 million penalty.”
It is worth mentioning that the case’s eventual resolution could substantially impact the price of XRP. A decisive win for Ripple may trigger a bull run for the asset and the entire crypto market. Those curious to find out more about that matter, please take a look at our dedicated video below:
The Latest Update
The case has witnessed numerous advancements in the past few months, with the most recent coming from Ripple. As CryptoPotato reported, the company filed a Notice of Supplemental Authority regarding a recent decision related to crypto exchange Binance. Last week, Judge Amy Jackson dismissed the regulator’s claims that secondary market sales of Binance’s BNB token constituted securities transactions.
Ripple’s legal counsel, Michael Kellogg, maintained that the magistrates’ decision supports the firm’s case that its alleged illegal sales of XRP do not warrant “harsh remedies” as the agency claims.
“This observation supports Ripple’s argument that providing clarity on the legality of the different types of sales of XRP was the most significant aspect of the Court’s summary judgment decision,” the letter reads.
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