- Attorney Fred Rispoli, closely monitoring the Ripple vs. SEC lawsuit, believes the SEC’s chances are bleak following a recent court order setting a schedule for remedies.
- The lawsuit’s final outcomes hinge on upcoming briefings and responses, with a potential SEC appeal not expected before mid-2026.
In the high-stakes legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), Attorney Fred Rispoli, known for his support of Ripple, has declared the recent court developments as a decisive turn in favor of Ripple.
#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
Court Schedule Marks Critical Phase in Ripple Lawsuit
The recent order from the court has established a timeline for the upcoming remedies phase in the SEC vs. Ripple lawsuit. The schedule requires the completion of remedies-related discovery by February 12, 2024, with the SEC filing its brief by March 13. Ripple is then expected to file any opposition by April 12, followed by the SEC’s response to the opposition by April 29.
Rispoli’s interpretation of these developments is significant, as he predicts a lengthy process if the case goes to appeal. He speculates that the Second Circuit might not issue a ruling before mid-2026, indicating a prolonged legal battle.
Rispoli’s Prediction: A Bleak Outlook for the SEC
Rispoli’s comments on social media platform X suggest that the time frame set by the court does not bode well for the SEC. He posits that the SEC has essentially lost the legal tussle against Ripple. This perspective aligns with the sentiment within the XRP community that the SEC’s case against Ripple is weakening.
The SEC’s Appeal and Ripple’s Position
There have been speculations about the SEC’s intention to appeal the lawsuit, especially after the court’s summary judgment in July 2023. The SEC’s initial request for an interlocutory appeal was denied, compelling the regulator to wait until the resolution of all pending issues.
In a significant move, the SEC dropped its claims against Ripple executives Brad Garlinghouse and Chris Larsen last month, potentially expediting the lawsuit’s resolution. The remaining issue to be addressed is the determination of an appropriate fine for Ripple’s alleged violation of securities laws through its institutional sales of XRP.
The Road Ahead
The unfolding developments in the Ripple vs. SEC lawsuit suggest a complex legal journey ahead. While Rispoli’s prediction hints at a favorable outcome for Ripple, the final judgment by Judge Analisa Torres and the potential for an SEC appeal leave the case’s conclusion still uncertain. As the crypto community closely follows the lawsuit, its resolution is expected to have significant implications for Ripple, XRP, and the broader cryptocurrency market.
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