After almost four years of intense legal battle, the US Securities and Exchange Commission (SEC) officially submitted a settlement agreement in its case against Ripple Labs. Although the XRP community is celebrating this important development, legal experts warn that the matter is not yet completely over.
According to lawyer James K. Filan, although both parties have agreed to the settlement conditions, Judge Analisa Torres must first decide whether the deal serves the public interest. Only after that decision does the case finally end.
What happens afterwards? The 4 important steps that are left over
Here is a breakdown of the four major steps that still have to take place before Ripple can claim the total victory:
- Judge Torres will revise the settlement and make a first decision to dissolve the existing order, release the Escrow funds – with $ 50 million to the SEC and the rest returns to Ripple.
- If the judge agrees, both Ripple and the SEC will request a limited detention in the second Circuit Court or Appeals, which means that the case is sent back to Judge Torres to complete the agreed actions.
- As soon as the pre -trial detention has been granted, the two parties will submit a joint motion to ask for the official actions – to resolve the order and distribute the funds.
- After these steps have been completed, Ripple and the SEC will ask the Court of Appeal to reject both the app of the SEC and the Cross appeal of Ripple, who officially close the matter.
XRP community is strong
Lawyer Bill Morgan pointed out that the vast majority of the public that influence this case are XRP holders. He said that more than 80,000 XRP holders became members of lawyer John Deaton to represent their interests during this legal fight, and there is no record of even one XRP holder who supports the position of the SEC.
Morgan believes that this overwhelming public support can help the judge convince that resolving the order and establishing with a fine of $ 50 million is in the public interest.
Will the judge agree?
Although many XRP supporters are enthusiastic, not everyone is sure of the outcome. Former sec lawyer Marc Fagel declared The earlier judgment of Judge Torres on the institutional sale of Ripple is likely to be confirmed by higher courts. He warned that if the court rejects the settlement, it is unclear whether the SEC would continue to defend the case on appeal.
Yet others in the XRP community have convinced that Judge Torres will probably approve the settlement. A point on the changing attitude of American supervisors in the direction of Crypto, together with Ripple’s stronger legal position in professional courts.