- Fred Rispoli, a prominent figure in the crypto legal field, declares a victory for Ripple in its lawsuit against the SEC.
- The court’s schedule indicates a prolonged legal battle, with no Second Circuit ruling expected before mid-2026.
In a significant turn of events within the cryptocurrency space, Fred Rispoli, a prominent legal figure in the crypto sphere, has boldly proclaimed a victory for Ripple in its ongoing legal battle against the U.S. Securities and Exchange Commission (SEC). This declaration follows a crucial court order that has outlined the schedule for the remedies phase of the lawsuit.
The recent court order lays out a detailed timeline for the upcoming proceedings related to remedies in the Ripple case. As per this schedule, the discovery phase is set to conclude by February 12, 2024, with the SEC expected to file its remedies brief by March 13, 2024. Ripple’s response is due by April 12, 2024, followed by the SEC’s reply to any opposition by April 29, 2024. This extended timeline indicates that the legal battle may extend well into the year 2026.
Rispoli’s assertion that the SEC has effectively lost the case is based on this prolonged legal timeline. He speculates that various events could unfold during this time, potentially weakening the SEC’s position. While he doesn’t specify these events, it’s clear that the lengthy duration could work against the SEC’s case regarding Ripple.
There have been speculations that the SEC might consider an appeal. The commission initially sought to file an interlocutory appeal following the court’s summary judgment in July, particularly concerning the programmatic sales of XRP. However, this effort was halted, with the court instructing 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. This move is seen as an attempt to expedite the lawsuit’s conclusion. The primary focus now shifts to determining the penalties Ripple will face for alleged securities law violations through its XRP sales.
The Future Outlook
The cryptocurrency community is closely monitoring whether the SEC will pursue an appeal after Judge Analisa Torres’s final judgment. The outcome of this case carries significant implications for cryptocurrency regulation, potentially setting precedents for the treatment of digital assets under U.S. securities law.
As the Ripple vs. SEC legal saga continues to unfold, its impact on the broader cryptocurrency market and regulatory landscape cannot be underestimated. While we await further developments, the consequences of this legal battle will undoubtedly resonate across financial and technological domains.
