Ripple SEC Lawsuit: XRP Lawyer Bets On Remedies Phase Ruling Timeline

The crypto community is closely watching the Ripple SEC lawsuit, which has reached a critical juncture with the remedies phase underway. Fred Rispoli, a lawyer supporting XRP, has sparked intense interest by predicting a ruling date earlier, amid multiple outstanding motions and potential appeals, all of which could have a profound impact on shaping cryptocurrency regulations.

Lawyer Reveals Crucial Date On Ripple SEC Lawsuit Ruling

Pro-XRP lawyer Fred Rispoli expressed his expectations on social media, noting his dwindling hope for a July 31 ruling on the remedies phase. He posted, “I’m running out of time to hit my 7/31 prediction for the remedies ruling! #XRP”. This statement reflects the growing impatience and speculation among the XRP community.

However, it appears that the XRP community has to wait for more time before the ruling, as it is already August. Notably, Rispoli also said recently that he has lost his bets while saying that it doesn’t feel good to lose.

Meanwhile, the Ripple SEC lawsuit has gained momentum recently, with Judge Analisa Torres deliberating on penalties and injunctions. A final ruling is expected soon, possibly in August, as July closes without significant developments.

Legal experts anticipate immediate appeals following the court’s decision, given the high stakes involved. Earlier, Rispoli had provided a July 13 ruling date, however, the case was prolonged and now the final decision is awaited this week.

Wealth advisor Mickle and other observers consider the SEC’s case against Ripple to be one of its weakest, given Ripple’s numerous wins. However, both parties might still appeal previous decisions. This possibility adds another layer of complexity to the already intricate legal battle.

In addition, several motions, including those related to expert evidence, document unsealing, and final judgment, await resolution. Some legal analysts, such as Fred Rispoli and James Murphy, suggest that Judge Torres might bypass motions before Judge Sarah Netburn and issue a final judgment in the remedies phase by July or August.

Also Read: StarkNet ZKX Ceases Operations Amid Low User Participation

What’s Next?

The experts in the Ripple SEC lawsuit emphasized the broader implications of the SEC’s actions, fueling speculation in the cryptocurrency market. If the SEC does not appeal, it could weaken its position in other crypto-related cases. Conversely, Ripple might appeal the decision that its ODL sales are securities offerings, given their significant revenue from XRP ODL sales.

In addition, Judge Torres’s decision on penalties should not concern Ripple and its supporters. Instead, the wording of the injunction will be crucial, as it will directly affect Ripple’s business operations. The XRP community, often referred to as the XRP army, eagerly awaits this outcome, hoping for a favorable ruling that could boost XRP’s market position.

Meanwhile, the recent joint status response filed in the US District Court for the District of Columbia sheds light on the ongoing legal processes. The document outlines the deliberations on penalties and potential injunctions, as well as the likelihood of appeals. This comprehensive approach ensures that all aspects of the case are thoroughly examined before a final judgment is rendered.

Also Read: BitClout Founder Faces $257M SEC Charge Over Crypto Fraud