Members of the XRP community are concerned about the hush of the ongoing legal battle between Ripple and the US securities regulator, SEC.
Notably, nothing has been heard of the lawsuit since the court scheduled the remedies phase last November. A top legal expert and pro-XRP lawyer, Fred Rispoli, recently analyzed the situation, offering opinions on the potential outcome of the hush.
Attorney Predicts Possible Scenarios Regarding The Silence On The Ripple vs. SEC Lawsuit
In November 2023, the US District Court for the Southern District of New York gave the scheduling order for the remedies phase in the Ripple vs. SEC case. Afterward, everything about the legal battle has remained at a standstill, with no significant updates from either party.
While many within the crypto space show concern about the long-existing silence in the case, Rispoli took to X to reveal his analysis of the silence. According to his post, the attorney believed that the quietness could be due to the two parties playing nice.
However, Rispoli said he is astonished the SEC has yet to file for damages despite the high degree of hostility surrounding the lawsuit.
…which concludes April 29 with a ruling likely in the early summer. @SECGov will lose most of what it wants under this route so it should really take an easy win given its mounting losses in Court (which may include a whopping loss against Coinbase by then). Who knows? 3/3
— Fred Rispoli (@freddyriz) January 8, 2024
Notably, the securities regulator has yet to file for any damages-related discovery motion in the case. With the deadline for all remedies-related discovery on February 12, the two parties are expected to conclude all discovery motions.
Rispoli thinks the SEC could still act by filing a motion at least one week before the window closes.
Further, the lawyer analyzed the implications of such a situation, speculating that the SEC could receive its desired discovery. This would open a door for a possible settlement between the parties.
Conversely, where this scenario fails to play out, Rispoli predicts that the SEC could put up an aggressive stance on the matter.
It could protract the battle with Ripple throughout the remedies briefing period. Recounting the SEC’s continuous losses in court, Rispoli thinks the regulator might lose its demands on remedies briefing if it follows the latter path.
SEC’s Silence Could Mean A Potential Appeal
Additionally, attorney Rispoli highlighted another possible outcome based on the SEC’s silence in its lawsuit against Ripple.
The lawyer stated that the regulator could follow through the remedies phase quickly without raising any fuse to allow for a swift appeal in the Second Circuit of the court’s summary judgment.
Rispoli stated:
Because the negative to the quiet is the SEC is going to move through this fast and then take the fight to the 2nd Cir.
I’m just hoping the SEC realizes the L they have with @Rippe and is moving on to other endeavors/shakedowns. Because the negative to the quiet is the SEC is going to move through this fast and then take the fight to the 2nd Cir.
— Fred Rispoli (@freddyriz) January 8, 2024
Notably, the US securities regulator made a move for an interlocutory appeal last year following Judge Torres’s ruling that secured a partial victory for Ripple on July 13, 2023.
However, the court rejected SEC’s demand, stating that an appeal can only come after the resolution of all pending issues.
Last year, the regulator dropped its charges against Ripple’s executives, but the case has not ended. The SEC could appeal soon since the only pending issue in the case is the remedies briefing.
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