The long-standing legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs could face potential delays again.
This may happen because both parties have not properly refiled their motions, while the June 16 deadline is approaching.
Could the Ripple Lawsuit with the SEC Experience Delays?
On May 8, BeInCrypto reported that the SEC and Ripple jointly requested an indicative ruling from Judge Torres to approve a settlement that would reduce the fine to $50 million and dissolve the order placed on Ripple.
On May 15, Judge Analisa Torres denied both parties' requests. She stated that if jurisdiction were returned to the court, she would deny the motion as it was procedurally improper.
Essentially, both parties did not follow the proper legal process when filing requests, which led to the denial. Therefore, this means that Ripple and the SEC need to refile under the correct rules.
He emphasized that on June 16, both parties must submit a status update to the United States Court of Appeals for the Second Circuit.
"20 days later, there has been no re-filing by the SEC and Ripple in the district court, and the June 16 deadline for status updates in the Second Circuit is approaching," Rispoli posted.
The June 16 deadline carries significant weight, as it will determine the next steps in this case. Rispoli noted that if nothing is refiled, the Second Circuit will only have a denial of the first motion to work on. This could restart the briefing schedule.
Alternatively, if there are pending motions before Judge Torres at the time of the status update, the Second Circuit is likely to extend the process for an additional 60 days.
"Next steps? The message from Torres is clear that both parties need to seek forgiveness. Ripple will say anything to resolve it, but how many public apologies is the SEC willing to make? And how many apologies will be allowed? We have 12 days to find out," added Rispoli.
It is worth noting that as the deadline approaches, rumors are starting to circulate that Ripple, the SEC, and Judge Torres may have reached a settlement agreement.
"Rumors are circulating. Hearing that the SEC, Ripple & Judge Torres finally reached an agreement. Reports say Ripple came out as the winner," a user stated.
The user added that an announcement could come as soon as Friday, June 13. However, he warned that the news is still unverified. Additionally, the parties involved have not provided official confirmation.
Meanwhile, amid uncertainty, the price of XRP also experienced a decline. BeInCrypto data shows that over the past week, the value of this altcoin has decreased by 8.8%.
XRP Price Performance
At the time of publication, the trading price of XRP was $2.19, representing a decrease of 2.36% over the last 24 hours.