Prominent legal expert Fred Rispoli takes to the X platform to analyze the quiet period of the SEC v. Ripple legal tussle and the potential outcome of this silence.
XRP community members have expressed concern about how quiet the ongoing SEC v. Ripple legal tussle has become lately.
Since the United States District Court for the Southern District of New York released the schedule order for the remedies phase of the lawsuit in November 2023, there has not been any development, especially from the SEC.
As a result, XRP enthusiasts have taken to various social media platforms to voice their concerns regarding the SEC’s silence.
Pro-XRP Lawyer Analyzes the Quietness in SEC V. Ripple
In a recent X post, pro-XRP lawyer Fred Rispoli suggested that the rationale behind the silence could imply that the parties are playing nice. However, he expressed surprise that the SEC has yet to file any damages-related discovery motion despite the lawsuit’s hostility.
Rispoli speculates that the SEC could file this motion at least a week before the February 12, 2024 deadline.
Examining the potential outcome of this scenario, Attorney Rispoli speculated that the SEC could get its desired discovery, paving the way for a settlement.
If this scenario does not play out, he forecasted that the securities regulator could drag it out with Ripple throughout the remedies briefing.
…before the deadline. Otherwise that means Ripple and SEC are playing <gasp> nice? At this point, my thought process is 1 of 2 outcomes. SEC gets the discovery it wants, reviews it, and the parties finally settle. If not, this will be dragged out through damages briefing…2/3
— Fred Rispoli (@freddyriz) January 8, 2024
Following the SEC’s mounting losses in court, Attorney Rispoli predicts that the regulator could lose most of its remedies-related demands if it goes through this route.
Possible Appeal?
Meanwhile, Attorney Rispoli pointed out another potential outcome of the SEC’s silence in the legal tussle. According to Rispoli, the SEC could quickly move through the remedies stage to enable it to appeal the court’s summary judgment decision in the Second Circuit.
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
Recall that the SEC attempted to file an interlocutory appeal shortly after the court issued the summary judgment decision, which gave Ripple a partial victory.
However, the court denied the request, ordering the regulator to file its appeal when all pending issues are resolved.
With the SEC dropping its charges against Ripple execs last year, the regulator can now appeal sooner. This is because the remedies briefing is the only pending issue in the lawsuit.
For context, the remedies briefing stage is scheduled to end on April 29, 2024, with a ruling expected to be issued by early summer.
