{"id":322987,"date":"2024-06-14T00:31:23","date_gmt":"2024-06-13T19:01:23","guid":{"rendered":"https:\/\/dripp.zone\/news\/lawyers-weigh-in-on-secs-xrp-appeal-settlement-final-judgment-date-crypto-news\/"},"modified":"2024-06-14T00:34:07","modified_gmt":"2024-06-13T19:04:07","slug":"lawyers-weigh-in-on-secs-xrp-appeal-settlement-final-judgment-date-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/lawyers-weigh-in-on-secs-xrp-appeal-settlement-final-judgment-date-crypto-news\/","title":{"rendered":"Lawyers Weigh In On SEC’s XRP Appeal, Settlement, Final Judgment Date – Crypto News"},"content":{"rendered":"

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Ripple vs SEC Lawsuit News:<\/strong> Unless there\u2019s an expected twist from the US Securities and Exchange Commission (SEC), lawyers say the long-awaited final judgment in SEC v. Ripple Labs could come in July. They also believe the SEC will probably appeal the summary judgment as Judge Torres ruled that XRP programmatic sales are not security contracts.<\/p>\n

Lawyers Clears Air On If SEC Can Appeal Entire Ruling<\/h2>\n

Pro-XRP lawyer Fred Rispoli predicts a ruling by Judge Torres on remedies by the end of July or early August. \u201cAlthough Judge Torres could get poetic and issue it on July 13,\u201d he added. The SEC<\/a> argues $2 billion in total fines including penalties, while Ripple believes the penalty amount should not exceed $10 million.<\/p>\n

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Rispoli added that the case can always be settled beforehand, but the odds are currently at zero percent. SEC and Ripple can also settle arguments not addressed by judges in the ruling. However, the SEC can still move to appeal against programmatic sales of XRP.<\/p>\n

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This is splitting hairs from Marc’s answer, but the SEC cannot appeal anything to do with its claims against Brad and Chris relating to Institutional Sales, which the SEC agreed to dismiss with prejudice. The SEC could still appeal its claims against both for Programmatic Sales.<\/p>\n

\u2014 Fred Rispoli (@freddyriz) June 13, 2024<\/a><\/p>\n

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Marc Fagel<\/strong>, a former SEC securities lawyer, also reaffirmed that the SEC will likely appeal the summary judgment ruling on liability as they didn\u2019t agree with Judge Torres on XRP\u2019s classification as not a security under the Howey test. In addition, he added that the agency can appeal the remedies order, \u201cbut that\u2019s a real long shot.\u201d<\/p>\n

Also Read: <\/strong>XRP Whale Dumps 52M Coins Amid Price Upswing, What\u2019s Next?<\/a><\/p>\n

Judge Netburn May Not Rule on Expert Witness<\/h2>\n

Both parties have strong arguments on the expert witness motion in the XRP lawsuit. Lawyers including Bill Morgan and Jeremy Hogan think Ripple Labs<\/a> will lose the motion to strike the declaration of expert witness Andrea Fox in the remedies dispute.<\/p>\n

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Commenting on whether Judge Netburn to rule on expert witness, Fred Rispoli said \u201cNetburn and Torres can confer and determine that the issue before Netburn (the SEC\u2019s \u201cextra expert\u201d) does not need to be ruled upon.\u201d Judge Torres can bypass expert witness to announce a final judgment on remedies and injunction. But he claims this will only happen in case the ruling is in favor of Ripple.<\/p>\n

Also Read: Ripple Vs SEC: Lawyer Says XRP Lawsuit Going To Appeals Court, What\u2019s Next?<\/a><\/strong><\/p>\n

How $4.47B Settlement In Terraform vs SEC Impact XRP Lawsuit?<\/h2>\n

Terraform Labs and Do Kwon\u2019s settlement with the U.S. SEC was not welcomed by the crypto community as the SEC has been unfair in enforcement lawsuits, including Ripple and DebtBox<\/a> cases.<\/p>\n

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Coinbase CLO Paul Grewal<\/strong> and Ripple CLO Stuart Alderoty<\/strong> also expressed dissatisfaction with the SEC luring a hefty fine from Terraform Labs<\/a>. 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 the bankruptcy and no meaningful relief to fraud victims.<\/p>\n

Formed SEC lawyer James Farell<\/strong> claimed that the injunction in the Terra fraud lawsuit weakens \u201clots of Ripple\u2019s arguments regarding proprietary and proportionality.\u201d Ripple claimed that a penalty over $10 million would be excessive when compared to prior crypto cases.<\/p>\n

Also Read: Terraform Labs Has Just $75 Million In Assets, How Will It Pay the SEC $4.75 Billion?<\/a><\/strong><\/p>\n

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry. <\/p>\n<\/p><\/div>\n

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