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Pro XRP Lawyer Fred Rispoli Ripple SEC news

Pro-XRP Lawyer Predicts Imminent Ripple-SEC Verdict, Here’s When

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Pro-XRP lawyer Fred Rispoli, founder of HODL Law, has made a stunning prediction on X regarding a potential verdict in the Ripple vs. SEC case. Rispoli noted a recent filing case, specifically Ripple’s Notice of Supplemental Authority regarding the recent Binance decision by the US District Court for the District of Columbia.

The court’s decision in the Binance case on June 28, 2024, ruled that the SEC had not adequately demonstrated that secondary market transactions of BNB tokens constituted securities transactions. This is particularly relevant for Ripple, as it draws a parallel to its own legal challenges.

XRP Lawsuit Over By End Of July?

In his X post, Rispoli noted, “Just got a notice of a filing in SEC vs Ripple case and my heart skipped a beat…but don’t worry, no ruling just yet. It was Ripple’s notice to Judge Torres of the Binance decision last week.”

Related Reading: Bitrue Crypto Exchange Urges Investors To Go “All-In” On XRP, Here’s Why

Ripple has argued that, similar to the Binance case, the transactions involving XRP tokens on secondary markets do not meet the criteria of securities transactions under US law. This defense hinges on the application of the “Howey Test,” a legal test used to determine whether certain transactions qualify as investment contracts.

In a conversation with Crypto Moon Amsterdam, Rispoli was asked about his expectations for the ruling’s timeline. He replied:

July 31, although I could see her doing July 13 to be poetic.

This comment refers to the significant date of July 13, marking the anniversary of a crucial 2023 summary judgment by Judge Torres that declared XRP is not a security, which significantly influenced the market price of the digital asset, leading to a dramatic increase within hours of the announcement.

The progression from debating the security status of XRP to discussing the financial penalties Ripple faces marks a critical shift in the lawsuit’s focus. Initially, the SEC sought penalties amounting to $2 billion. However, after various legal skirmishes, the SEC has significantly lowered its demand to $102 million—a figure that Ripple still finds unacceptable.

Related Reading: Ripple President Outlines Stablecoin Vision And Potential XRP ETF

Previously, Rispoli commented on the potential for a settlement before the judgment, noting, “Pre-judgment settlement is unlikely, though some unresolved arguments could still be negotiated.”

He further speculated on the potential penalty for Ripple, “Less than $25M penalty; $0 disgorgement. Judge rules all sales she deemed illegal are permanently enjoined and rules all the ‘new’ contracts referenced by Ripple are not properly before her so SEC will have to sue again if it believes these violate her ruling.”

The XRP price was unaffected by the news. The digital asset moved in line with the broader crypto market trend within the last 24 hours. XRP is slightly down by -2.6% in the last 24 hours, accompanied by a 24% rise in trading volume.

At press time, XRP traded at $0.4764.

XRP price
XRP price, 1-week chart | Source: XRPUSD on TradingView.com
Featured image from YouTube, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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