According to legal expert Attorney Fred Rispoli, the court case between the SEC and Ripple, which has significantly impacted the cryptocurrency XRP, might conclude on July 31st, 2024. However, Rispoli also proposed July 13th as a more significant date for a resolution, drawing attention to its symbolic meaning.According to legal expert Attorney Fred Rispoli, the court case between the SEC and Ripple, which has significantly impacted the cryptocurrency XRP, might conclude on July 31st, 2024. However, Rispoli also proposed July 13th as a more significant date for a resolution, drawing attention to its symbolic meaning. The case, which has continued for more than three years, has recently centered on discussions regarding the appropriate amount of damages. Ripple allegedly suffered losses due to XRP sales to institutions that were considered unregistered securities sales, and the SEC is now looking for legal remedies to remedy those losses. The scale of the compensation has, though, sparked a huge legal battle, with the SEC requesting billions of dollars and Ripple prepared to accept a settlement as little as $10 million. Ripple maintains its defense even though the legal dispute continues, arguing that the SEC’s claims are exaggerated and unfounded.
Attorney Fred Rispoli, well-known in XRP enthusiast circles, was asked when he expects the SEC’s case against Ripple, which has had such a major impact on the populist cryptocurrency, to be resolved. Rispoli, in turn, provided a specific answer, giving not one, but two dates.
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The legal expert said he expects the verdict in the case, which has been dragging on for more than three years, to come on the last day of July. However, it would be more poetic if the verdict in the SEC’s case against Ripple were to come on July 13, Rispoli said.
This date is significant in the context of last year’s ruling, when Judge Torres finally recognized XRP as a non-security. At the time, the cryptocurrency’s price shot up 100% in just a few hours.
July 31st, although I imagine she would do July 13th to keep it poetic.
— Fred Rispoli (@freddyriz) July 2, 2024
What happens now?
Keep in mind that the parties are arguing about the amount of damages at this point. The point is that Ripple took a hit in the form of sales to XRP institutions that were recognized as unregistered securities sales and now has to pay for these legal remedies.
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However, the scale of the disgorgement has prompted a major lawsuit, with the SEC seeking billions of dollars and the crypto firm willing to settle for as little as $10 million. Despite the ongoing legal battle, Ripple remains steadfast in its defense, stating that the SEC’s demands are disproportionate and baseless.
