Two years and 120 days ago, the Securities and Exchange Commission (SEC) filed what is probably the most significant enforcement action for the crypto industry against Ripple Labs. After years of exchanging arguments and documents, the decision is imminent, according to several legal experts; however, no one knows exactly when the ruling will come.
At the same time, the pressure on United States Southern District Court of New York judge Analisa Torres has probably never been higher than it is currently the case. This week’s hearing of Gary Gensler before the US Congress showed how deep the rifts are between the SEC, the Commodity Futures Trading Commission (CFTC), Congress and the crypto industry.
The trench warfare between the institutions is unlikely to leave Torres unscathed. XRP community attorney John E. Deaton said in a recent update, “I doubt very seriously that Judge Torres has ever felt the pressure that she’s feeling right now,” and raised the bar even higher:
This decision is as big as a decision this judge has ever faced. Think about, what other decision is as big as this decision when it comes to global trade and finance in modern history. This is the most significant no-fraud SEC enforcement action since 1946.
Further, Deaton expressed his understanding that Judge Torres is taking her time with the ruling and carefully weighing every word. If the ruling goes against Ripple, she knows that she is “dealing with a conservative court,” and if the ruling goes for Ripple, she will have to justify it to all.
AGAIN, The decision in the #SEC vs. #RIPPLE case is the BIGGEST VERDICT in GLOBAL FINANCE HISTORY 🔥
The pressure is on LIKE NO OTHER for JUDGE TORRES to make a verdict on this case! 💥
This should be a NO BRAINER, as #XRP is clearly NOT A SECURITY 🚀 pic.twitter.com/ozywe7sl2c
— HighVibe 💥🔥💥 (@HighVibeAssets) April 20, 2023
Verdict For Ripple Coming Next Week?
Using previous rulings by Judge Torres, attorneys John Deaton and James K. Filan have speculated in the past that a ruling could come no later than the end of April. Anything else would be a surprise to both attorneys.
Ashley Prosper, an XRP community member who most recently made headlines with a Freedom of Information Act (FOIA) request to the SEC about entanglements with JP Morgan, has found yet another argument. Via Twitter, Prosper wrote that next week will be “a very interesting week.”
Come April 27, we will have been waiting 52 days from when Judge Torres ruled on the Daubert motions. This interests me because it took Judge Torres 52 days to decide the Daubert motions…. so I assume her Summary Judgement ruling will be just around the corner.
At press time, the XRP price was at $0.4713. After losing the key support at $0.4939 yesterday, the price continues to hold strong amid the market wide correction but needs to regain this level to stop the downtrend.
Featured image from Yahoo Finance, chart from TradingView.com
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