XRP Lawsuit: Lawyer Reveals Estimated Timeline for Conclusion of Ripple - SEC Case

On May 15, Judge Analisa Torres denied a joint motion from Ripple and the Securities and Exchange Commission (SEC) seeking approval for a proposed settlement structure. This motion, described as a request for a "declaratory judgment," was denied as "procedurally improper." Judge Torres noted that even if the court has jurisdiction, she would not accept the request, thereby prolonging the ongoing XRP lawsuit. Legal expert Fred Rispoli explains that the court views this move as an attempt to bypass the stringent legal standards necessary to lift the previously issued injunction and reduce financial penalties. Rispoli states, "The parties are unable to overcome the significant burden they must bear to lift the ban and substantially reduce the civil penalties." Rispoli proposed that the only way forward is to submit a detailed motion, which could be about 25 pages long, providing clear justification. He noted that the SEC and Ripple would take a few weeks to prepare. Judge Torres may take additional time to make a ruling. He estimates that the earliest conclusion about the XRP lawsuit could be in July. This once again raises discussions in the XRP community. XRP Lawsuit: Legal Analysis and Disputes Arise After the court's ruling, some legal commentators shared their views on the outcome of the XRP lawsuit. Former SEC attorney Marc Fagel dismissed the opinion that Judge Torres acted with bias or political motives. He emphasized that Ripple has been found to violate securities laws and the ban along with the $125 million fine are legal remedies that have been established. Fagel addresses the complaint that the injunction is an unnecessary addition. "The court heard the evidence and agreed that Ripple should be enjoined. Therefore, the parties will essentially go to her and tell her that she was wrong," he wrote in response to the criticism. Jungle Inc, a reputable voice in the XRP community, claims that the injunction is a last-minute addition at the request of the SEC. Fagel counters this by stating that the court, not just the SEC, has decided on the remedies after finding Ripple liable. How will the Ripple VS SEC lawsuit proceed next? According to James Farrell, another former SEC lawyer, Ripple has sought to make its request as part of a settlement to avoid the higher legal burdens necessary to lift the ban. Farrell noted, "Ripple has adopted a high-risk/high-reward strategy." He further stated that Judge Torres was not convinced by the presentation of the request, leading to the dismissal of the request. Farrell also pointed out the internal complexities within the SEC, which could be the main reason for the delay in resolving the XRP lawsuit. He believes that there may be different interpretations of the settlement terms. The SEC's Office of the General Counsel may argue that their role in the agreement has been completed. Meanwhile, any changes to the proposed terms may require another vote from SEC members. Legal sources told journalist Eleanor Terrett that Judge Torres is making it clear that Ripple and SEC must make strong arguments if they want the court to reverse previous decisions. Terrett stated, "She doesn't want the parties to give up easily." Expected time to resolve the XRP lawsuit Fred Rispoli stated that if both parties adhere strictly to the legal process in the Ripple SEC lawsuit, including filing comprehensive documents and providing compelling evidence, then a resolution could be achieved as early as July. However, some observers believe that the XRP lawsuit could extend until December. This could happen if the records are delayed or if Judge Torres takes longer to review. Rispoli proposed that the new move should include statements from SEC commissioners, an assessment of other dismissed cases, and evidence showing that the agency has made no progress in regulating cryptocurrency. He also noted that preparing such a move would take two to three weeks. It may take an additional week or two for the judge to make a decision. Notably, the latest failure in the case also affects the sentiment of investors. The same is evidenced by the retreat of XRP's price. At the time of writing, XRP was trading at $2.36, down from $2.50 following the latest ruling by Judge Torres.