The Ripple v. U.S. Securities and Exchange Commission (SEC) case has been going on for over four and a half years now.
Today, however, could prove pivotal, as June 16 marks the deadline for the SEC to submit a status update to the U.S. Court of Appeals for the Second Circuit, disclosing whether a settlement has been reached or if the appeal proceedings are set to continue.
On June 12, the two parties filed a revised joint motion with a Manhattan federal court to release the $125 million civil penalty held in escrow. Both sides cited past legal precedents to support their position and renewed their request for the judge to provide an indicative ruling.
If Judge Analisa Torres approves the new motion, both parties are expected to drop their appeals and potentially clear the way for a full resolution.
XRP price analysis
XRP gained 1.18% on June 15 as excitement before the deadline grew. At press time, the token is trading at $2.27, up 4.79% as anticipation builds around the finale.
The legal status of XRP
Much is at stake pending the resolution. Should the court side with Ripple, it may weaken the SEC’s influence and create a more flexible crypto regulatory environment. A contrary ruling, however, could reinforce its authority and set a stricter precedent for digital asset regulation.
Should Judge Torres allow it, the Court of Appeals is likely to grant an extension, which could reignite investor confidence in XRP.
Attorney Bill Morgan noted yesterday that the central argument of the joint motion is that modifying Judge Torres’ final orders is necessary for the settlement.
Thus, according to Morgan, if the fine is reduced and the injunction on institutional sales is lifted, the case can be fully resolved. He further argued that the modification of the final orders was a strategic decision. The two parties could have simply agreed to drop the appeal and cross-appeal, but, to use Morgan’s words, “Ripple pushed for more.”
Now, the market can only wait.
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