The legal battle between Ripple and the US Securities and Exchange Commission (SEC) has been going on for years, but the end seems to be in sight. According to Fred Rispoli, senior managing partner at Hold Law, we can expect a ruling between the end of July and the beginning of August.
Rispoli suggests that Judge Analisa Torres may issue a ruling on July 13, a symbolic date for Ripple. On July 13, 2023, the same judge ruled that the sale of XRP on exchanges is not covered by securities legislation.
Settlement chances are nil
Fred Rispoli believes the chance of a settlement before Judge Torres’ ruling is virtually nil. He emphasizes that both Ripple and the SEC are firm in their positions in this final phase of the lawsuit. The proposed fines from both parties differ significantly: the SEC is seeking $2 billion, while Ripple believes a $10 million fine is reasonable.
Appeals and cooperation between judges
A key aspect of the case is that the SEC cannot appeal claims regarding institutional sales of XRP by Brad Garlinghouse and Chris Larsen because these claims have already been definitively dismissed. However, the SEC can appeal decisions involving programmatic sales of the digital currency.
Rispoli also suggests that Judges Sarah Netburn and Analisa Torres may be working together to circumvent a separate ruling by Judge Netburn on the SEC’s use of expert witness Andrea Fox. This could significantly simplify and speed up the procedure, which would be beneficial for both parties.
Ripple continues to expand
Despite all the legal troubles, Ripple continues to expand steadily. Recently, Ripple expanded its operations in Japan and Korea with the launch of an XRP Ledger (XRPL) fund. This fund, worth 1 billion XRP tokens (approximately $486 million at the time of writing), was created to support blockchain innovation in Asia and reduce dependence on the US market.
The XRPL fund focuses on supporting developers and strengthening business partnerships in Japan and South Korea. Developers can apply for financing for their innovative projects, while the fund is also intended to facilitate collaboration with large companies in the region. According to Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, this fund is crucial to the company’s strategy in Asia.
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Source: https://newsbit.nl/advocaat-dit-is-wanneer-de-uitspraak-in-de-ripple-rechtszaak-verwacht-wordt/
