Ripple vs. SEC: A Closer Look at the Legal Battle
The ongoing legal tussle between Ripple and the U.S. Securities and Exchange Commission (SEC) has captured the attention of the financial world yet again. A significant date looms on the horizon—June 16—when the SEC’s 60-day period to inform the U.S. Court of Appeals about the case’s status comes to an end.
This deadline was established in April after the Second Circuit Court of Appeals granted a pause at the behest of both Ripple and the SEC. This pause was contingent on the SEC submitting a status update by June 15.
Expert Opinions on the Case Progress
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Bill Morgan, a lawyer representing Ripple, emphasized that a significant development is expected by June 16. He suggested that the case could either see major procedural advancements or continue through the appeals process.
As the countdown to the SEC’s report to the Appeals Court narrows to just 12 days, all eyes are on the possible outcomes. If no action is taken, the appeal and cross-appeal will proceed, necessitating a briefing from Ripple.
Is the XRP vs. SEC Dispute Nearing Its Conclusion?
The legal community remains divided on the likelihood of a settlement. The involvement of Justin Keener, who is not directly connected to the case, has further complicated matters, as he attempts to influence the proceedings.
Attorney Andrew Balthazor from Holland & Knight remains skeptical, citing the lack of filings from both parties despite ample time as an indication of the case’s complexity.
Conversely, Keri Axel of Waymaker LLP perceives the slow progress as a temporary setback and believes that Ripple and the SEC might eventually reach a consensus.
Regardless of the eventual outcome, this case holds significant implications for the crypto industry. It highlights the treatment of XRP and digital assets under U.S. securities law, making it a pivotal legal battle for the sector.
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