Will Ripple Settle? Lawyers Weighs in on Ripple vs SEC Settlement, Appeal, and Much More
The post Will Ripple Settle? Lawyers Weighs in on Ripple vs SEC Settlement, Appeal, and Much More appeared first on Coinpedia Fintech News
The crypto community is eagerly waiting for the final judgment in the high-profile lawsuit between Ripple and the US SEC. The case, which involves potential fines totaling $2 billion, is crucial for the future of crypto regulation.
Possibility of Settlement
Weighing on the matter, prominent lawyers, including former SEC attorneys Marc Fagel and James Farrell, believe that a settlement is still possible. Jeremy Hogan, a partner at Hogan & Hogan, notes that while a settlement is possible, however, it seems unlikely given Ripples recent victories. The SEC aims to unseal filings that could influence the penalty amount, but Ripple has contested the relevance of historical contracts.
Experts Weigh In on Appeal Considerations
Having said that, the lawyers believe there is a lesser chance that the SEC will appeal XRPs security status. Former SEC Crypto Enforcement Chief Kristina Littman suggests the SEC may not appeal Judge Torres decision on XRP, opting to keep it as a District Court opinion rather than risk a Circuit Court review.
The Second Circuit Courts recent ruling that secondary crypto sales are not securities supports Judge Torres decision on XRP. Whereas Coinbases CLO, Paul Grewal, highlighted this as a major victory for the crypto industry. While, Lawyer James Murphy, aka MetaLawMan, believes tokens in the Coinbase case arent securities.
Plus, Empower Oversights president, Tristan Leavitt, noted suspicious no relevant records responses from the SEC, prompting a new FOIA request for more records.
Timeline for the Final Ruling
Lawyers, including Fred Rispoli, anticipate that Judge Torres could announce a final judgment on remedies and injunction within 60 to 90 days after the last brief, potentially bypassing the need for additional rulings on expert witnesses. Given the ongoing developments and possible delays due to the election year, the final ruling is expected between August and September.
Market Impact and SEC Challenges
Ripples CEO Brad Garlinghouse has revealed that the company has spent over $200 million fighting the SECs claims. The SECs recent losses, including those against Ripple executives, add to the pressure. XRP holders are now focused on the judges decision on final judgment motions in the remedies phase.
Bottom Line
Calling it an election year, if Trump wins and Gensler leaves, this will be a turning point for both Ripple and XRP. While the XRP status is still in doubt lawyers believe that the SEC is under immense pressure to clear all crypto-related cases so this might be the time that they will settle their score with Ripple in a low-profile settlement.
Also Read: Coinbase Sues SEC and FDIC, Demands Transparency in Crypto Regulations
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