- Fred Rispoli, a top lawyer in the crypto sphere, declares the SEC’s defeat in the ongoing Ripple lawsuit following a recent court ruling.
- The court’s schedule for remedies in the Ripple case suggests a prolonged legal battle, with no Second Circuit ruling expected before mid-2026.
Ripple’s Legal Landscape Reshaped
In a landmark development for the cryptocurrency world, Fred Rispoli, a leading attorney in the sector, has proclaimed a decisive victory for Ripple in its ongoing legal battle against the U.S. Securities and Exchange Commission (SEC). This assertion comes in the wake of a pivotal court order setting the schedule for the remedies phase of the lawsuit.
#SECvsRipple The remedies-related discovery schedule is set. There is no chance a 2nd Cir. ruling on an appeal by either party (if one is ever filed) is issued before mid-2026. Think of everything that will happen between now and then.
Game Over, SEC. You lost.#XRPCommunity
— Fred Rispoli (@freddyriz) November 13, 2023
A Prolonged Legal Journey
The court’s recent order has outlined a detailed timeline for the remedies-related proceedings in the Ripple case. According to the schedule, the discovery phase is to be completed by February 12, 2024, with the SEC set to file its remedies brief by March 13, 2024. Ripple’s response is expected by April 12, 2024, followed by the SEC’s reply to any opposition by April 29, 2024. This extended timetable indicates a protracted legal process, potentially stretching well into 2026.
Rispoli’s assertion that the SEC has effectively lost the case hinges on this prolonged timeline. He speculates that numerous events could transpire in the interim, potentially weakening the SEC’s position. Though he did not detail these events, the implication is clear: the extended duration may unfavorably impact the SEC’s case against Ripple.
SEC’s Stance and Ripple’s Defense
It’s worth noting that there have been speculations of the SEC considering an appeal. The commission sought to file an interlocutory appeal following the court’s summary judgment in July, particularly concerning the programmatic sales of XRP. However, this move was stifled, with the court ordering the SEC to await the resolution of all pending issues.
Interestingly, the SEC recently dropped its claims against Ripple executives Brad Garlinghouse and Chris Larsen, a move perceived as an effort to hasten the lawsuit’s conclusion. The primary focus now shifts to determining the appropriate penalties Ripple will face for alleged violations of securities laws through its XRP sales.
The crypto community is now keenly watching to see if the SEC will pursue an appeal after Judge Analisa Torres’s final judgment. The outcome of this case is poised to have significant repercussions on the regulation of cryptocurrencies, potentially setting precedents for how digital assets are treated under U.S. securities law.
In conclusion, while the Ripple vs. SEC saga continues to unfold, its impact on the broader cryptocurrency market and regulatory environment cannot be understated. As we await further developments, the implications of this legal tussle will undoubtedly be felt across the financial and technological landscapes.
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