Lawyers Discuss SEC’s XRP Objection, Settlement, and Final Decision Date
ripple and SEC Case News: Unless there is a change expected from the U.S. Securities and Exchange Commission (SEC), SEC v. Ripple Labs may arrive in July. They also believe the SEC will likely appeal summary judgment because Judge Torres ruled that XRP programmatic sales are not securities contracts.
Lawyers to Give Clear if SEC May Appeal Entire Ruling
Pro-XRP lawyer Fred Rispoli predicts Judge Torres will make a decision on remedies in late July or early August. “Judge Torres could still WAX poetic and release it on July 13,” he added. While the SEC advocates a total fine of $2 billion, including penalties, Ripple believes that the fine should not exceed $10 million.
Rispoli added that the case could always be solved in advance, but the chances are currently zero percent. The SEC and Ripple may also resolve arguments not addressed by the judges in the decision. However, the SEC may still object to the programmatic sale of XRP.
Marc Fagel, a former SEC securities attorney. He also added that the agency could appeal the compensation decision, “but that’s really a long shot.”
So read: XRP Whale Mined 52 Million Coins Amid Price Surge, What’s Next?
Judge Netburn Cannot Order Expert Witness
Both sides have strong arguments regarding the expert motion in the XRP case. Lawyers, including Bill Morgan and Jeremy Hogan, think Ripple Labs will lose its request to quash the testimony of expert witness Andrea Fox in the settlement dispute.
Commenting on whether Judge Netburn would rule on the expert, Fred Rispoli said, “Netburn and Torres may confer and decide that the matter does not need to be decided before Netburn (the SEC’s “extra expert”).” Judge Torres may bypass the expert to announce the final decision on injunctive relief and injunctive relief. However, he claims that this will only happen if the decision is in favor of Ripple.
Also Read: Ripple vs. SEC: Lawyer Says XRP Case Will Head to the Court of Appeals, What’s Next?
How Did the $4.47 Billion Settlement at Terraform and SEC Affect the XRP Case?
Terraform Labs and Do Kwon’s settlement with the US SEC was not welcomed by the crypto community because the SEC was unfair in its enforcement cases, including the Ripple and DebtBox cases.
Coinbase CLO Paul Grewal and Ripple CLO Stuart Alderoty He also expressed dissatisfaction with the SEC levying a hefty fine on Terraform Labs. The terra luna crisis caused investors to lose $40 billion in wealth and led to the collapse of many crypto firms in what was seen as a domino effect. They said the settlement made the SEC an unsecured creditor in bankruptcy and did not provide meaningful relief to victims of fraud.
SEC attorney established James Farell Terra claimed that the injunction in the fraud case undermined “many of Ripple’s arguments on ownership and proportionality.” Ripple claimed that a fine of over $10 million would be excessive compared to previous crypto cases.
Also Read: Terraform Labs Asset is Only $75 Million, How Will It Pay $4.75 Billion to SEC?
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