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Judge Torres Deliberates On Ruling, Alderoty Weighs On Regulation

Published

2 months ago

July 27, 2024

Ripple Vs SEC: Judge Torres deliberates on a final ruling over penalties and injunction in the remedies phase, with reviews of potential appeals by the parties. XRP army and lawyers anticipate a decision in the lawsuit in August now after July nearly ends without any progress. Experts point out appeals likely underway in the lawsuit immediately after the court’s verdict.

Experts Weigh In On Appeals In Ripple Vs SEC Case

Ripple’s multiple wins have made the lawsuit probably the weakest case for the U.S. SEC, as considered by many including wealth advisor Mickle. However, as lawyers indicated, both parties could still file appeals against previous decisions.

Many motions including expert evidence, unseal documents, and final judgment are pending before Judge Analisa Torres and Judge Sarah Netburn. Some lawyers such as Fred Rispoli and James Murphy claimed that Judge Torres could bypass motions before Judge Netburn and announce final judgment in the remedies phase in July or August.

Ripple Vs SEC expert Sherrie said the SEC not appealing the case will hurt all their other cases involving crypto. Also, she asks why wouldn’t Ripple file an appeal against the decision that ODL sales are securities offerings. The company makes more money through its XRP ODL sales.

Penalties should not be a concern for Ripple and XRP army as Judge Torres will decide an amount with an explanation. The wording of an injunction would be the deciding factor, which will impact its business.

Former SEC lawyer Marc Fagel said, “The SEC publicly proclaimed its intent to appeal the case. Beyond that, there are things one can speculate about the impact of subsequent cases, changes in policy or strategy, etc.” However, the earlier interlocutory appeal rejection and risks of escalation to the Second Circuit Court are key concerns for the SEC if they appeal against the summary judgment.

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Controversial Stance on Settlement

Settlement in the XRP lawsuit remains the most controversial part of the case, with speculation arising after a move by Ripple or the SEC. With the latest speculation sparked of the SEC’s closed-door meeting. Ripple CEO Brad Garlinghouse’s comment on the Ripple Vs SEC lawsuit and settlement during an interview with Bloomberg made it more intense.

Nevertheless, lawyers including Marc Fagel and Bill Morgan have cleared the air on recent settlement rumors. Ripple executives had denied any discussion on settlements. However, the court is likely to give the parties time to meet and confer on settlement.

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Ripple CLO Stuart Alderoty on Regulatory Clarity

Stuart Alderoty, chief legal officer at Ripple, talked about the evolving crypto asset regulation landscape, as per an EUI video posted on July 26. Alderoty delved into the EU, UK, and US regulatory approaches, focusing on the differences between the EU’s MiCA, the UK’s Financial Services and Markets Act 2023, and the US ‘regulation by enforcement’ strategy.

He expressed dissatisfaction with regulation by enforcement in the U.S. when it comes to crypto. Fortunately, the clear regulations are underway with bipartisanship in the Congress, added Alderoty. The regulators need a ‘measured regulation’ to monitor bad actors from good actors, protecting investors while ensuring the smooth adoption of technological innovations.

XRP price trades near $0.60, up 1% in the past 24 hours. The 24-hour low and high are $0.5951 and $0.6089, respectively. Furthermore, the trading volume has decreased significantly in the last 24 hours.

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