- Ripple’s legal battle against the SEC continues as the community eagerly awaits a ruling.
- Attorney John E Deaton’s research reveals that the prolonged timeline for the case is not unusual, citing previous cases that took Judge Torres seven months or longer to reach a decision.
In a recent exchange on Twitter, Ripple CTO David Schwartz shed light on an important deadline for the ruling in the ongoing lawsuit between Ripple Labs Inc. and the SEC. Contrary to the anticipation expressed by Ripple CEO Brad Garlinghouse, Schwartz stated that no cause for concern should be assumed until at least the end of September, suggesting that the lack of a decision from Judge Torres is not unusual.
To reassure anxious XRP supporters, Attorney John E Deaton took to Twitter to provide historical timelines of Judge Torres’ rulings on similar cases. According to Deaton, there are instances where Judge Torres has taken seven months or longer to reach a decision. For example, in the Thor Equities case, the waiting period has been equivalent, and in the N.Y. District Carpenter’s fund case, it took Judge Torres over eight months to deliver a summary judgment ruling.
Deaton’s research indicates that the extended wait is not unprecedented, given the precedent set by Judge Torres’ previous cases. David Schwartz also supported Deaton’s explanation, hinting that a verdict may be expected in late September. It is worth noting that if Judge Torres extends her decision beyond September 31, it would mark uncharted territory, as none of the cases she presided over have taken longer than nine months from the filing of reply briefs.
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This prolonged legal battle between Ripple and the SEC, which centers around allegations of offering unregistered securities, has had significant implications for the XRP cryptocurrency. Since the SEC initiated the action in December 2020, the price of XRP has experienced a substantial decrease. As a result, XRP investors and the broader cryptocurrency community eagerly await the verdict, as it has the potential to redefine the classification and regulation of digital assets.
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