XRP Attorney Anticipates Prolonged SEC vs. Ripple, Hints at Possible Resolution by 2027
The post XRP Attorney Anticipates Prolonged SEC vs. Ripple, Hints at Possible Resolution by 2027 appeared first on Coinpedia Fintech News
In a new development in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), Ripple secured a significant victory on October 3 as a federal judge dismissed the regulator’s intention to appeal the ruling made in mid-July. This ruling determined that Ripple’s XRP sales did not fall under an offer of investment contracts.
The long-standing lawsuit, which the cryptocurrency industry has closely watched, is scheduled for a trial on April 23, 2024. The outcome of this trial is expected to have far-reaching implications for Ripple and the broader regulatory landscape of cryptocurrencies in the United States.
Both parties involved in the case are required to submit all necessary pretrial filings and documents by December 4, 2023, as they prepare for what is likely to be a long legal battle.
Pro-XRP lawyer Fred Rispoli weighed in on the recent developments and opened up about the timeline ahead. He stated that the trial, scheduled for April 2024, could extend for eight weeks or even longer, underscoring the case’s complexity.
He also pointed out that pre-trial motions are expected to be filed in December 2023, with rulings anticipated in early 2024. These rulings could further narrow down the SEC’s case against Ripple. Following the trial, both parties will likely engage in substantial post-trial motions, which will involve several months of briefing and may conclude around September 2024.
The legal battle is far from over, even after these initial stages. Rispoli explained that if appeals are necessary, appellate briefing to the 2nd Circuit Court of Appeals may not be completed until around February 2025. The 2nd Circuit would take approximately a year to decide, potentially extending the legal saga until February 2026.
Furthermore, if the case proceeds to the Supreme Court, assuming it accepts the review, a final decision could be expected around February 2027 or later.
