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Breaking News: US Lawmakers Urge SEC To Allow Crypto Investments In 401(k) Plans
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Breaking News: US Lawmakers Urge SEC To Allow Crypto Investments In 401(k) Plans
Ripple Vs SEC court update

Ripple Vs. SEC Court Update: Will The Ruling Come Next Week?

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Two years and 120 days ago, the Securities and Exchange Commission (SEC) filed what is probably the most significant enforcement action for the crypto industry against Ripple Labs. After years of exchanging arguments and documents, the decision is imminent, according to several legal experts; however, no one knows exactly when the ruling will come.

At the same time, the pressure on United States Southern District Court of New York judge Analisa Torres has probably never been higher than it is currently the case. This week’s hearing of Gary Gensler before the US Congress showed how deep the rifts are between the SEC, the Commodity Futures Trading Commission (CFTC), Congress and the crypto industry.

Related Reading: ‘Business Of Ripple Is Selling More XRP Than It Buys’: Forbes Report

The trench warfare between the institutions is unlikely to leave Torres unscathed. XRP community attorney John E. Deaton said in a recent update, “I doubt very seriously that Judge Torres has ever felt the pressure that she’s feeling right now,” and raised the bar even higher:

This decision is as big as a decision this judge has ever faced. Think about, what other decision is as big as this decision when it comes to global trade and finance in modern history. This is the most significant no-fraud SEC enforcement action since 1946.

Further, Deaton expressed his understanding that Judge Torres is taking her time with the ruling and carefully weighing every word. If the ruling goes against Ripple, she knows that she is “dealing with a conservative court,” and if the ruling goes for Ripple, she will have to justify it to all.

AGAIN, The decision in the #SEC vs. #RIPPLE case is the BIGGEST VERDICT in GLOBAL FINANCE HISTORY 🔥

The pressure is on LIKE NO OTHER for JUDGE TORRES to make a verdict on this case! 💥

This should be a NO BRAINER, as #XRP is clearly NOT A SECURITY 🚀 pic.twitter.com/ozywe7sl2c

— HighVibe 💥🔥💥 (@HighVibeAssets) April 20, 2023

Verdict For Ripple Coming Next Week?

Using previous rulings by Judge Torres, attorneys John Deaton and James K. Filan have speculated in the past that a ruling could come no later than the end of April. Anything else would be a surprise to both attorneys.

Related Reading: These Are The Key Takeaways For Ripple And XRP From The Gensler Hearing

Ashley Prosper, an XRP community member who most recently made headlines with a Freedom of Information Act (FOIA) request to the SEC about entanglements with JP Morgan, has found yet another argument. Via Twitter, Prosper wrote that next week will be “a very interesting week.”

Come April 27, we will have been waiting 52 days from when Judge Torres ruled on the Daubert motions. This interests me because it took Judge Torres 52 days to decide the Daubert motions…. so I assume her Summary Judgement ruling will be just around the corner.

At press time, the XRP price was at $0.4713. After losing the key support at $0.4939 yesterday, the price continues to hold strong amid the market wide correction but needs to regain this level to stop the downtrend.

Ripple XRP price
XRP price, 4-hour chart | Source: XRPUSD on TradingView.com
Featured image from Yahoo Finance, 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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