XRP News Today: Legal Limbo Weighs – Eyes on Court Refile This Week
SEC vs. Ripple: Legal Drama Continues as Key Appeal Deadline Looms
A crucial June 16 deadline in the SEC vs. Ripple case is looming, and investors are getting edgy about the absence of court filings. On May 15, Judge Analisa Torres denied the SEC’s request for an indicative ruling on vacating the injunction prohibiting XRP sales to institutional investors and reducing the $125 million penalty. The withdrawal of Ripple’s cross-appeal and the SEC’s appeal hinges on Judge Torres granting the proposed settlement terms.
Notably, on April 16, the 2nd Circuit granted a joint motion to hold the SEC’s appeal in abeyance. The court delivered its ruling on the April 16 deadline for Ripple to file its appeal-related reply brief.
Uncertainty about the timing of a second request for an indicative ruling on the settlement has weighed on XRP demand. There are also concerns about whether Judge Torres will reverse her Final Judgment on the injunction. The key issue is whether Ripple and the SEC will proceed with their appeals if Judge Torres rejects the settlement request a second time.
XRP has fallen 14% since Judge Torres rejected the first joint motion. In contrast, the broader crypto market has fallen 1.2% over the same period, highlighting how legal uncertainty has disproportionately pressured XRP prices.
Legal Expert Views on the Ripple Case
Pro-crypto lawyer Fred Rispoli remarked on the SEC’s silence and the 2nd Circuit’s likely response, stating:
“20 days later, no refile yet by the SEC and Ripple in district court and the June deadline for the status update in the 2nd Circuit looms large. Expect the refile before Judge Torres to happen by then. If there is nothing pending before Torres when the parties file the status report, the 2nd Circuit only has Torres’ denial of the first request and will restart the briefing. If a motion is pending before Torres at the time of the 6/16 status report, the 2nd Circuit will likely push it out another 60 days.”#RippleSEC
