The legal battle between Ripple and the US Securities and Exchange Commission (SEC) has felt as an endless Saga for the crypto community. Just when it seemed as if both parties were ready to complete things, a surprise turning the process of surprise again.
A Curveball from Judge Torres
According to Pro-XRP lawyer John Deaton, both Ripple and the SEC had agreed to arrange the matter. The SEC dropped its attraction with regard to the secondary sale of XRP at stock exchanges and Ripple agreed to arrange his cruising request on institutional turnover and a fine of $ 150 million. The plan was to lower the fine to $ 50 million and to increase the order that Ripple’s institutional turnover is limited.
The parties then asked Judge Analisa Torres for an indicative decision-in being a heads-up about how she would rule if the case was sent back to her from the Court of Appeal.
But in a movement that nobody expected, Judge Torres denied the motion. She pointed to procedural issues and said that the parties had not tackled the “heavy burden” that was needed to convince the court that the order of the order was in the best interest of the public.
Why the judge may be frustrated
Deaton explained that the refusal of Judge Torres was not only about legal technical details. After years of intense courtroom fights, mountains of paperwork and more than $ 250 million that are issued between the two parties, the judge may be frustrated about the sudden change in the heart of the sec – in essence the case after he had fixed the resources of the court for so long.
The court asks both parties to explain why the cancellation of the order serves the public interest, especially since its original ruling has established the institutional sale of Ripple that the securities laws were violating.
What happens afterwards?
So how long does it take before this finally ends? According to Deaton, the case is not blinded – but it still affected a “speed threshold”.
He believes that both Ripple and the SEC will now have to submit a joint assignment and submit their case to the Judge Torres. Ripple’s institutional customers are advanced investors such as banks and hedge funds – not retail traders who are damaged by the sale.
If they can convince the judge that resolving the order corresponds to the public interest and the regulations of the regulations, Deaton thinks that she will ultimately approve the settlement.
How long does it take?
Deaton estimates that it can take a few months before the XRP versus SEC case is completely resolved. “In the end this is just a different speed bump en route,” he said. As soon as Judge Torres is satisfied, the case would go back to the second Circuit Court of Appeals, officially returned to it and the final settlement conditions would be approved.