Contrary to popular speculation, lawyer Bill Morgan believes the ruling will not redefine the status of XRP and other digital assets, sparking a lively debate.
The protracted Ripple lawsuit is nearing a conclusion as Judge Torres is expected to deliver her final decision soon.
Will Upcoming XRP lawsuit Ruling Impact XRP’s Legal Status
As the XRP community eagerly awaits Judge Analisa Torres’ upcoming ruling in the Ripple lawsuit, speculation about the potential outcome has reached a fever pitch.
While many anticipate that the ruling could redefine the legal status of cryptocurrencies, attorney Bill Morgan dismisses this notion. In his recent X post, Morgan wrote, “This is incorrect.”
Notably, the attorney’s post comes in response to influencer John Squire’s thread that hinted at the possible impact of the upcoming XRP lawsuit ruling on digital assets. He acknowledged the ruling as capable of “redefine[ing] the legal status of digital assets in the U.S.”
Dismissing the notion, Morgan clarified that Judge Torres’ decision will actually focus on whether there are exceptional circumstances to reduce the penalty and dissolve the injunction, based on the joint motion filed last week.
As we reported, Ripple and the SEC jointly filed a motion for an indicative ruling, marking their second attempt after the judge’s initial denial. Morgan posited, “It will not be a ruling that will redefine the status of digital assets in the US.”
No Impact on Summary Judgment Order
Further, Bill Morgan shed light on the possible outcomes of Judge Torres’ decision on the Ripple lawsuit joint motion. Highlighting the filing, Morgan stated that the settlement won’t affect the court’s previous substantive rulings on the SEC’s claims.
The filing read, “The public interest in preserving the Court’s substantive rulings on the merits of the SEC’s claims will not be impaired because the Summary Judgment Order will remain in place.”
In addition, the filing asserts that neither party seeks to vacate, amend, or modify the Summary Judgment Order. As per the filing, “Order will remain untouched and will continue to bind the parties under the principles of claim and issue preclusion.”
Despite these calculations, the timeline of Judge Torres’s ruling remains uncertain. Ex-SEC lawyer Marc Fagel noted that the August 15 deadline applies to the delay in the appeal process, not the judgment itself. Further solidifying his statement, Fagel reaffirmed his position in his recent X post,
The court has no fixed deadline for a ruling… It could happen in the next day, next week, next month, whenever. Anyone saying otherwise is just making it up.