The court case between Ripple Labs and the US Securities and Exchange Commission (SEC) is nearing its end, with the judge expected to present the summary judgment soon. The XRP community has been eagerly awaiting the ruling and has raised questions about how it will be announced. In response, attorney John Deaton, the founder of CryptoLaw, provided some insights in a recent broadcast.
Deaton has been closely following the case and has provided his followers with layman’s interpretations of the previous rulings. He has been critical of the SEC’s argument and strongly believes that Ripple has a strong case. When it comes to the announcement of the summary judgment, Deaton explained that it will not be a direct call to Ripple and the SEC, as some have speculated.
“All the previous rulings were issued in the public docket, and this one will not be any different,” Deaton said. The filings will be made in the public docket just like the previous rulings, including the “Daubert/expert motion.” This means that the public will have access to the ruling at the same time as the lawyers for Ripple and the SEC. However, the lawyers will receive the ruling through email a few minutes before it is made public.
It is important to note that the summary judgment of this case could be used for insider trading and will be treated as highly confidential. Therefore, no one related to the case will have access to a preliminary ruling before it is filed publicly.
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Another question that has been raised is the next line of action for Ripple if the SEC wins the case. Deaton explained that Ripple will appeal the case and is likely to move to the US Supreme Court. Ripple General Counsel Stuart Alderoty has confirmed this, stating that they will file an appeal with the US Court of Appeals if the Summary Judgment goes in the SEC’s favor. However, Deaton suspects that the SEC may try to negotiate with Ripple to prevent them from appealing the ruling.
Deaton believes that the delay in releasing the ruling is partly because the judge is aware that top US justices and the Second Circuit will review her ruling immediately after it is filed. He predicts that the case will likely go to the US Supreme Court if there is an appeal.
The XRP price may experience significant volatility depending on the outcome of the case. If the ruling goes in Ripple’s favor, the market sentiment is expected to shift from bearish to neutral. Currently, XRP is trading at $0.475033, having fallen by 4 percent in the last seven days.
It is important to note that the information provided here is not financial advice. Readers are encouraged to conduct their own research and exercise caution when making investment decisions related to cryptocurrencies.
In conclusion, the announcement of the summary judgment in the Ripple vs. SEC case will be made through filings in the public docket, similar to previous rulings. The lawyers for Ripple and the SEC will receive the ruling through email a few minutes before it becomes public. If the SEC wins the case, Ripple is expected to appeal and may escalate the case to the US Supreme Court. The outcome of the case will likely have a significant impact on the XRP price.
