In the legal battle between Ripple and the US Securities and Exchange Commission (SEC), the XRP army remains on edge as they await a potential ruling on remedies and penalties. The legal proceedings concluded 61 days ago with the final regular filings. Speculation within the community is now high, with members like @CRYPTO_hitman pondering yesterday if the decision might come as soon as this week, tagging prominent pro-XRP lawyers in the community, including Jeremy Hogan, Bill Morgan, John E. Deaton, James “MetaLawMan” Murphy, and Fred Rispoli.
Rispoli responded to the speculation with an eye-catching prediction, stating, “Earliest I can see it happening is Friday, a day before the year anniversary of the summary judgment ruling. I’m still betting on [the] end of July as my personal prediction.”
Another pro-XRP lawyer, Bill Morgan, jumped into the conversation and extended it to procedural details which may act as a roadblock for a final ruling on remedies and penalties. Morgan inquired to his colleague about an outstanding motion that Judge Sarah Netburn must rule on before Judge Analisa Torres can make a decision on penalties and remedies.
“Isn’t there an outstanding motion before Judge Netburn that needs to be decided first before Judge Torres can make the decision on penalties?,” Morgan commented. Rispoli clarified, “Yes, that motion is still outstanding but there is no procedural requirement that it must be ruled on first. Both judges could confer and Torres could tell Netburn her ruling moots any need to rule on the expert/discovery issue.” Morgan acknowledged Rispoli’s clarification with a simple “Thanks Fred.”
This legal discourse follows recent predictions by Rispoli, as reported by Bitcoinist, where he suggested July 31 as a potential date for the ruling, though he noted that a decision might also appear as early as July 13, aligning with the anniversary of a pivotal 2023 summary judgment. This previous ruling by Judge Torres deemed that XRP does not qualify as a security, a major victory for Ripple in its battle against the SEC.
However, as mentioned by Morgan, there’s still a motion which complicates the proceedings. On April 29, Ripple filed a “Motion to Strike” new expert materials presented by the SEC, which include declarations and exhibits from new expert witness Andrea Fox.
The outcome of Judge Netburn’s decision on this motion could be crucial. If Judge Netburn rules in favor of Ripple regarding this motion, it could allow Judge Torres to move forward without needing further rulings on this particular issue. However, as speculated by Rispoli, this doesn’t need to be a roadblock for the final ruling on remedies and penalties in the case. Thus, a ruling could come as early as this week.
The XRP price is not reflecting any anticipation or hype on this speculation. At press time, XRP traded at $0.43.
Featured image created with DALL·E, chart from TradingView.com
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