The Ripple vs. SEC showdown is getting hotter by the day. Ripple is ramping up its fight against the SEC by sending detailed letters challenging expert testimony and raising concerns about timing and disclosure.
Ripple objected to the SEC’s classification of the “Fox Declaration” as standard evidence, arguing that it was expert testimony that could greatly impact the legal process.
In this case, some experts are predicting a settlement of around $100 million, which could affect the value of XRP and even ripple out to impact the entire crypto market. In this background, the analyst decodes the timeline and final ruling prospects.
Is a settlement on the horizon?
Though the outcome remains unpredictable, Ashley Prosper is highlighting a key milestone in the Ripple vs. SEC lawsuit. He has predicted a settlement and final verdict as the XRP community awaits the SEC’s remedies-related reply.
They claim that the SEC’s final reply in the remedies phase of the lawsuit will come the next day. Following this, there will likely be a waiting period until July, August, or possibly September for Judge Torres’s final ruling.
Ashley speculates further on the possibility of appeals from either side after the ruling but suggests that it may not take as long as some anticipate. He emphasizes that a settlement could happen at any point between now and any potential ruling from an appellate court.
Timeline and Final Ruling
The Ripple vs. SEC legal battle is reaching a critical point. According to Prosper, Judge Torres might decide by mid-to-late 2024. The SEC will respond by May 6, 2024, with Judge Torres potentially giving her final ruling between July and September 2024.
However, if either side appeals, it could prolong the process until 2026. Despite several efforts to settle, Ripple and the SEC haven’t settled yet, and the SEC hasn’t accepted Ripple’s request regarding XRP’s classification.
What Next?
Market observers believe the SEC will continue to push for disgorgement and seek a court order to prevent Ripple from selling XRP to institutional investors. The SEC’s recent challenge to Ripple’s request to exclude new expert evidence indicates they want to solidify their case.
These next submissions are likely the last ones before Judge Analisa Torres decides on the penalties for Ripple’s sales of XRP to institutional buyers. If Ripple successfully challenges Fox’s declaration, it could restrict the SEC’s options for advocating certain penalties.
The lawsuit began in late 2020 when the SEC accused Ripple of violating securities laws through its XRP sales. In July, Ripple achieved a partial win when a judge determined that XRP sales on exchanges do not constitute securities transactions. However, the dispute over sales to institutional buyers is still ongoing.
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